• Global oil product demand for 2010 and 2011 is revised up by an average of 320 kb/d on higher‐than‐expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 mb/d in 2010 (+2.7 mb/d year‐on‐year), rises by 1.4 mb/d to 89.1 mb/d in 2011.
• Global oil supply fell by 0.3 mb/d to 88.1 mb/d in December, as non-OPEC output was reduced, on short‐lived outages. An Alaskan pipeline leak and a fire at a Canadian oil sands upgrader also cut January output. Overall, 2010 and 2011 non‐OPEC estimates are unchanged at 52.8 mb/d and 53.4 mb/d, respectively. OPEC NGLs contribute 5.3 mb/d in 2010 and 5.8 mb/d in 2011.
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