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World Oil Supply Forecast for 2013

Source: OPEC 11/1/2012, Location: Europe

Non-OPEC oil supply is forecast to increase by 0.89 mb/d in 2013 to average 53.89 mb/d, representing a downward revision of 0.20 mb/d from the previous month. Despite this adjustment, the growth in non-OPEC supply was revised down by 60 tb/d from the previous MOMR.

Changes to the 2012 supply forecast were carried over to 2013, hence, affecting the total non-OPEC supply figure. North America remains the area with the highest expected growth among all non-OPEC regions, supported by forecast growth in the US and Canada. The FSU is next in terms of growth, due to projected supply increases from Russia and Kazakhstan. OECD Western Europe’s supply is expected to experience the biggest decline in 2013 compared with other non- OPEC regions. On a quarterly basis, non-OPEC supply is expected to average 53.52 mb/d, 53.53 mb/d, 53.87 mb/d and 54.61 mb/d respectively.

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