Forecast for 2016 Balance of Supply and Demand - August 2016

Source: OPEC 8/15/2016, Location: Europe

Demand for OPEC crude for 2016 remains unchanged from the previous month to stand at 31.9 mb/d, representing an increase of 1.9 mb/d from last year’s level. Within the quarters, 2Q16 and 4Q16 remained unchanged, while 1Q16 was revised up by 0.1 mb/d. In contrast, 3Q16 was revised down by 0.1 mb/d. 1Q16 and 2Q16 rose by 1.0 mb/d and 2.3 mb/d, respectively, versus the same quarters last year; while 3Q16 and 4Q16 are estimated to show growth of 2.1 mb/d and 2.0 mb/d, respectively.

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