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Oil Supply and Demand Outlook by OPEC

1 Stock change assumptions reflect the development of Strategic Petroleum Reserves SPR in some non OECD countries, and the rising need for stocks as refinery capacity expands These rates of rise in stocks will eventually slow, as growth in SPR slows as does refinery expansion The medium term pattern eventually reverts, in the long term, to historical average behavior 2 For Indicators, like Long term real GP growth rates which is given in the date range 2014 2020, 2020 2030, 2030 2040 has been considered as last date of the range For example, 2014 2020 has been considered as 2020

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