Forecast for 2015 Balance of Supply and Demand – August 2015
Source: OPEC 8/22/2015, Location: Europe
Demand for OPEC crude for 2015 remained unchanged from the previous month at 29.2 mb/d, representing an increase of 0.2 mb/d over the 2014 level. The first quarter was revised up by 0.1 mb/d since the last report, while the other three quarters were left unchanged. The upward revision in non-OPEC supply offset the upward adjustment in global demand. Following these revisions, the first quarter is estimated to have fallen by 0.8 mb/d compared to the same quarter last year, while the second quarter is seen flat. The third and fourth quarters are expected to grow by 0.4 mb/d and 1.4 mb/d, respectively, compared to the same quarters last year.
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