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Petroleum Devolopments
December
2015
November
2015
Change from
November 2015
December
2014
Change from
December 2014
OECD Demand
46.8
46.1
0.8
47.0
-0.2
Rest of the World
50.0
48.7
1.4
49.1
0.9
World Demand
96.9
94.7
2.2
96.1
0.8
OPEC Supply:
39.3
39.6
-0.3
37.9
1.4
Crude Oil
32.5
32.8
-0.3
31.1
1.4
NGL’s & Cond.
6.8
6.8
0.0
6.8
0.0
Non-Opec Supply
57.2
56.7
0.5
56.4
0.8
Processing Gain
2.4
2.3
0.1
2.4
0.0
World Supply
98.8
98.6
0.2
96.7
2.1
Balance
1.9
3.9
0.6
Source: Energy Intelligence Briefing January 21, 2016.
On the supply side, preliminary estimates show that world oil supplies
for December 2015
increased
by 0.2% or 0.2 million b/d comparing with
the previous month level to reach 98.8 million b/d, a level that is 2.1 million
b/d higher than last year.
In December 2015,
OPEC
crude oil and NGLs/condensates total
supplies
decreased
by 0.8% or 0.3 million b/d comparing with the previous
month level to reach 39.3 million b/d, a level that is 1.4 million b/d higher
than last year. In contrast preliminary estimates
show that
Non-OPEC
supplies
increased
by 1% or 0.6 million b/d comparing with the previous
month level to reach 59.6 million b/d, a level that is 0.8 million b/d higher
than last year.
Preliminary estimates of the supply and demand for December 2015
reveal a surplus of 1.9 million b/d, compared to a surplus of 3.9 million
b/d in November 2015 and a surplus of 0.6 million b/d in December 2014,
as shown in
table (2)
and
figure (6)
:
Table 2
World Supply and Demand
(Million b/d)