Forecast for 2016 Balance of Supply and Demand - October 2015

Source: OPEC 10/25/2015, Location: Europe

Demand for OPEC crude for 2016 saw an upward revision of 0.5 mb/d from the previous month. The upward revision is mainly due to the downward revision in non-OPEC supply, as world oil demand saw a slight upward adjustment. Within the quarters, 1Q16 and 2Q16 were revised up by 0.5 mb/d and 0.4 mb/d, respectively.

Both 3Q16 and 4Q16 were revised up by 0.6 mb/d each.The demand for OPEC crude for next year is projected to increase by 1.2 mb/d, to average 30.8 mb/d. 1Q16 and 2Q16 are expected to increase by 2.0 mb/d and 1.6 mb/d, respectively, while 3Q16 and 4Q16 are projected to increase by 1.0 mb/d and 0.3 mb/d, respectively.

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

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