Forecast for 2017 Balance of Supply and Demand - August 2016

Source: OPEC 8/24/2016, Location: Europe

Demand for OPEC crude for 2017 remained unchanged from the previous report and is projected to increase by 1.2 mb/d to average 33.0 mb/d. Within the quarters, both the 2Q17 and 3Q17 were revised up by 0.1 mb/d, while 4Q17 was revised down by 0.1 mb/d and 1Q17 remained unchanged from the previous report. 1Q17 and 2Q17 are expected to increase by 1.8 mb/d and 0.8 mb/d, respectively, while 3Q17 and 4Q17 are projected to increase by 1.3 mb/d and 0.7 mb/d, respectively, versus the same quarters this year.

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