Forecast for 2016 Balance of Supply and Demand - March 2016

Source: OPEC 4/6/2016, Location: Europe

Demand for OPEC crude for 2016 was revised down by 0.1 mb/d from the previous report and projected to increase by 1.8 mb/d to average 31.5 mb/d. Within the quarters, the first quarter was revised down by 0.5 mb/d reflecting the combined upward revision in non-OPEC supply and slight downward revision in demand. The second quarter was revised up by 0.1 mb/d. The third and the fourth quarters remained unchanged. The first and the second quarters are expected to increase by 1.2 mb/d and 1.8 mb/d respectively, while the third and the fourth quarter is projected to increase higher by 2.1 mb/d and 2.0 mb/d, respectively.

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