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Balance of Supply and Demand Estimate for 2011 – July 2012

Source: OPEC 7/22/2012, Location: Europe

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Demand for OPEC crude for 2012 has remained unchanged from the previous report. However, the second quarter has seen a downward revision of 0.1 mb/d, while the third quarter has been revised up by 0.1 mb/d. The first and fourth quarters remain unchanged from the previous assessment. The demand for OPEC crude stood at 29.9 mb/d in 2012, representing a decrease = of 0.1 mb/d from last year’s level. The first quarter is estimated to have declined by 0.7 mb/d from the same quarter last year; and the third quarter is projected to increase by 0.1 mb/d. The second and fourth quarters are estimated to remain unchanged from the same period last year.

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