Forecast for 2016 Balance of Supply and Demand - December 2015

Source: OPEC 1/8/2016, Location: Europe

Demand for OPEC crude in 2016 remained unchanged from the previous month. For 1Q16, demand for OPEC crude was revised down by 0.1 mb/d, while 3Q16 was revised up by 0.1 mb/d. The second and fourth quarters remain unchanged from the previous assessment. Overall, demand for OPEC crude for next year is projected to increase by 1.5 mb/d to average 30.8 mb/d. The first and second quarters are expected to increase by 1.9 mb/d and 1.7 mb/d, respectively, while 3Q16 and 4Q16 are projected to rise by 1.5 mb/d and 0.7 mb/d, respectively.

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