Slides - IEA
Slides - IEA
Slides - IEA
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OPEC Crude Supply Edges Lower In May<br />
Output Still Near 4-Year Highs<br />
mb/d<br />
32<br />
31<br />
30<br />
29<br />
28<br />
27<br />
26<br />
Quarterly Call on OPEC Crude +<br />
Stock Change<br />
1Q 2Q 3Q 4Q<br />
2010 2011 2012<br />
Entire series based on OPEC Composition as of January 2009<br />
onwards (including Angola & Ecuador & excluding Indonesia)<br />
mb/d<br />
32<br />
31<br />
30<br />
29<br />
28<br />
OPEC Crude Oil Production<br />
Jan Mar May Jul Sep Nov Jan<br />
2009 2010 2011 2012<br />
Entire series based on OPEC Composition as of January 2009<br />
onwards (including Angola & Ecuador & excluding Indonesia)<br />
© OECD/<strong>IEA</strong> - 2012<br />
• OPEC supply ended 7-month run of increased output in May, off<br />
a marginal 20 kb/d in May, to 31.87 mb/d<br />
• Higher output from Angola, Nigeria, and Libya was offset by reduced<br />
supplies from Saudi Arabia and Iraq<br />
• OPEC NGLs forecast to increase 400 kb/d to 6.2 mb/d in 2012,<br />
a downward revision of 100 kb/d from last month<br />
• Reduction in Iran and Algeria while growth stems from Qatar and the UAE<br />
• The ‘call on OPEC crude and stock change’ for 2012 is<br />
unchanged at 30.3 mb/d<br />
• The ‘Call’ is expected to increase from 29.8 mb/d in the Jan-June period to<br />
30.9 mb/d in the second half of the year<br />
Source: <strong>IEA</strong> Oil Market Report<br />
4
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