Thursday, 15 December 2011

Crude oil supply in November rose to the highest

OPEC crude oil supply in November rose to the highest level in more than
three years, up by 620 kb/d to 30.68 mb/d, with Saudi Arabia and Libya
accounting for 80% of the increase. OPEC ministers will meet on 14 December
in Vienna to review the market outlook. The ‘call on OPEC crude and stock
change’ for 2012 stands at 30.2 mb/d, near recent OPEC output levels.

A more precarious economic backdrop and weaker 4Q11 data – particularly for
OECD Europe – curb oil demand projections for 2011 and 2012 by around
0.2 mb/d. Global oil demand is expected to average 89.0 mb/d by 2011, a rise of
0.7 mb/d on 2010, before gaining a further 1.3 mb/d in 2012 to reach 90.3 mb/d.

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