 OECD Asia Pacific’s supply is projected to increase slightly, by 30 tb/d, to average 0.53 mb/d in 2012, flat from the previous month. Weather conditions affected output during the first quarter, yet production is seen to increase in the second quarter. On a quarterly basis, this region’s supply is expected to average 0.50 mb/d, 0.56 mb/d, 0.55 mb/d and 0.52 mb/d respectively. Oil supply from Australia is predicted to increase by 30 tb/d and average 0.44 mb/d in 2012, flat from the previous MOMR.
Despite this steady state, there was a minor downward revision in the first quarter that did not affect the annual figure. This revision occurred on the back of the shutdown of various fields due to cyclones. In mid-April, the Vincent field resumed operations after the shutdown due to a cyclone.
Reports suggested further delays to the Montara project start-up, which was already incorporated into the supply forecast. On a quarterly basis, Australian supply is expected to average 0.41 mb/d, 0.46 mb/d, 0.46 mb/d and 0.43 mb/d respectively. During the first quarter of 2012, preliminary data indicated that production remained steady, compared with the same period a year earlier, as similar weather conditions influenced output in the first quarter of 2011.
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