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Global oil supply, demand balanced in 2012, if OPEC output stays steady: IEEJ

Posted on 23 December 2011

Global supply and demand of crude oil is expected to be balanced in 2012 if OPEC’s oil production stays at the current level of 30 million b/d, the Institute of Energy Economic Japan said Thursday.
World oil demand will grow by 1 million-1.1 million b/d to 90.1 million b/d, while total oil production is seen to rise 500,000-600,000 b/d to 90 million b/d with higher production from non-OPEC countries, such as the US and Russia, IEEJ said………………………………………..Full Article: Source


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