We do not expect this annus horriblis to be repeated to quite the same extent in 2012. The market is still set to remain tight, but we expect the global supply deficit to ease to 860,850b/d, reducing the level of stock drawdowns necessary to meet demand. This easing is largely driven by the return of Libyan volumes. Production continues to rise much faster than expected with total output now running at approximately 1mn b/d.
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