EFTA Document EFTA01357778

13 January 2016 HY Corporate Credit Energy [Figure 4: Oil Supply-Demand Forecast 2013 2014b Nny 14 201511 7016c 2014/13 2015/14 201/1/15. :mt.!? ciwivideratritiorn OECD 46.1 45.6 46.6 45.6 -0.6 0.0 -0.1 US vs Europe GOP outlook Non-OECD 45.7 46.8 47.8 49.3 1.1 1.0 1.4 How resilient is China demand? ON Demand 91.7 92.4 93.4 948 0.7 0.9 1.3 Will lower oil price prompt upgrades? US 10.2 11.7 12.7 13.3 1.6 1.0 0.7 Pace & magnitude of supply response Other