Forecast for 2015 Balance of Supply and Demand - December 2015

Source: OPEC 12/29/2015, Location: Europe

Demand for OPEC crude in 2015 was revised down by 0.2 mb/d from the previous month’s report to stand at 29.4 mb/d. This represents an increase of 0.4 mb/d over the previous year. The last two quarters of the year were revised down by 0.4 mb/d, while 1Q15 and 2Q15 remained almost unchanged. This downward revision mainly reflects the upward adjustment in non-OPEC supply. The first quarter fell by 0.6 mb/d, while 2Q15 grew by 0.2 mb/d. The third and further quarters are expected to see growth of 0.4 mb/ and 1.5 mb/d, respectively, versus the same quarters last year.

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