Balance of Supply and Demand - Aug 08

Source: OPEC_RP080804 8/15/2008, Location: Europe

Estimate for 2008
Demand for OPEC crude in 2008 is expected to average 32.05 mb/d, a decline of 110 tb/d over the previous year. On a quarterly basis, demand for OPEC crude is estimated to average 32.43 mb/d and 31.23 mb/d in the first and second quarters, while in the third and fourth quarters required OPEC crude is expected at 32.09 mb/d and 32.44 mb/d respectively.

Forecast for 2009
The required OPEC crude in 2009 is projected to average 31.33 mb/d, a decline of 720 tb/d from the current year. On a quarterly basis, demand for OPEC crude is expected to average 31.14 mb/d, 30.30 mb/d, 31.40 mb/d and 32.48 mb/d.


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