Forecast for 2016 Balance of Supply and Demand - May 2016

Source: OPEC 5/15/2016, Location: Europe

Demand for OPEC crude for 2016 remained unchanged from the previous report and is projected to increase by 1.8 mb/d, to average 31.5 mb/d. Within the quarters, both the 2Q16 and 4Q16 remained unchanged, while 1Q16 and 3Q16 were revised up by 0.1 mb/d each. 1Q16 and 2Q16 are expected to increase by 1.1 mb/d and 1.9 mb/d, respectively, while 3Q16 and 4Q16 are projected to increase by 2.2 mb/d and 1.9 mb/d, respectively.

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