Organization of Arab Petroleum Exporting Countries
Petroleum
Devolopments
Volume 40 Issue 5
29
March
2014
February
2014
Change from
February
2014
March
2013
Change from
March
2013
OECD Demand
45.3
46.5
-1.2
45.3
-
Rest of the World
44.8
46.1
-1.3
44.0
0.8
World Demand
90.1
92.6
-2.5
89.2
-0.8
OPEC Supply:
35.7
36.5
-0.8
36.2
-0.5
Crude Oil
29.3
30.1
-0.8
30.1
-0.8
NGL’s & Cond.
6.4
6.4
-
6.1
0.3
Non-Opec Supply
55.0
54.7
0.3
52.6
2.4
Processing Gain
2.2
2.3
-0.1
2.1
0.1
World Supply
92.9
93.5
-0.6
90.9
2.0
Balance
2.8
0.9
1.7
Source: Energy Intelligence Briefing April 9, 2014.
On the supply side, preliminary estimates show that world oil supplies for
March 2014 decreased by 0.6% or 0.6 million b/d comparing with the previous
month level to reach 92.9 million b/d, a level that is 2 million b/d higher than
last year.
In March 2014, OPEC crude oil and NGLs/condensates total supplies
decreased by 2.2% or 0.8 million b/d comparing with the previous month level
to reach 35.7 million b/d, a level that is 0.5 million b/d lower than last year.
Preliminary estimates show that Non-OPEC supplies increased by 0.4 % or
0.2 million b/d comparing with the previous month level to reach 57.2 million
b/d, a level that is 2.5 million b/d higher than last year.
Preliminary estimates of the supply and demand for March 2014 reveal
a surplus of 2.8 million b/d, compared to a surplus of 0.9 million b/d in
February 2014 and a surplus of 1.7 million b/d in March 2013, as shown in
table (2)
and
figure (6)
:
Tables (7)
and
(8)
in the annex show world oil demand and supply for the
period 2012-2013.
Table 2
World Supply and Demand
(Million b/d)
