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Forecast for 2016 Balance of Supply and Demand - April 2016

Source: OPEC 4/19/2016, Location: Europe

Demand for OPEC crude for 2016 remained broadly unchanged from the previous report and is projected to increase by 1.8 mb/d, to average 31.5 mb/d. Within the quarters, 1Q16 and 2Q16 were revised down by 0.2 mb/d and 0.1 mb/d, respectively.

This adjustment reflects the combined upward revision in non-OPEC supply and downward revision in demand. 3Q16 was revised up by 0.1 mb/d, while 4Q16 remained unchanged. 1Q16 and 2Q16 are expected to increase by 1.0 mb/d and 1.8 mb/d, respectively, while 3Q16 and 4Q16 are projected to rise by 2.2 mb/d and 2.0 mb/d, respectively.

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