Global oil product demand is revised up by 130 kb/d to 87.4 mb/d in 2010, and by 260 kb/d to 88.8 mb/d in 2011, on stronger data from OECD North America and non‐OECD Asia. Growth in 2010 (+2.5 mb/d y‐o‐y) is largely driven by buoyant gasoil demand, notably in 3Q10, but expansion should slow to +1.3 mb/d in 2011 as temporarily supportive factors fade.
• Global oil supply rose by 0.4 mb/d to 88.1 mb/d in November, largely due to increased non‐OPEC production, notably from Canada, Kazakhstan and Brazil. Non‐OPEC supply now averages 52.8 mb/d in 2010 and 53.4 mb/d in 2011, representing growth of 1.1 mb/d and 0.6 mb/d, respectively. OPEC NGLs output is seen averaging 5.3 mb/d this year and 5.8 mb/d in 2011. (more)
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