We do not expect this annus horriblis to be repeated to quite the sameextent in 2012. The market is set to remain tight, but we expect theglobal supply deficit to ease to 860,850b/d, reducing the level ofstock drawdowns necessary to meet demand. This easing is largelydriven by the return of Libyan volumes. Production continues to risemuch faster than expected with total output now running at 1mn b/d.
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