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Africa Oil Supply - December 2012

Source: OPEC 1/6/2013, Location: Africa

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Africa’s oil supply is predicted to average 2.34 mb/d in 2012, a decline of 0.25 mb/d from the previous year and a downward revision of 15 tb/d from the last MOMR. This revision concerned South Sudan and Sudan. South Sudan and Sudan’s oil supply is expected to decrease by 0.30 mb/d in 2012 to average 0.13 mb/d, a downward revision of 15 tb/d from the previous month.

It was introduced in the fourth quarter as South Sudan was expected to restart some of its halted production in mid-November. However, the output restart has been pushed back over security arrangements. After that, the two nations held talks and reports suggested a successful outcome to border security issues, and production might restart by year-end. Supply forecasts for the other countries in the region remained steady from the previous MOMR. During the first three quarters of this year, Africa’s supply declined by 0.27 mb/d, compared with the same period of 2011. On a quarterly basis, supply in 2012 is seen to stand at 2.40 mb/d, 2.30 mb/d, 2.31 mb/d and 2.36 mb/d respectively.

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