EFTA Document EFTA01367357

31 May 2015 Integrated Oil US Integrated Oils [Figure 65: Correlation of QoQ Changes in Product Demand and Implied Crude Inventory Builds A 4# San', dissent Se* ?EA I \ ,--\, i \ 7 \ 1 41141° +f "lied' ft' a it ---,, - \,, 1 ‘ ! ‘ i' i \ .., Y Non-OPEC Supply Disappointment There are clearly risks to this outlook, as Non-OPEC supply has historically disappointed (see figure below), but there is no avoiding the fact that the outlook for Non-OPEC supply is more robust than