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 non.OPEC 44.4 44.8 45.1 45.5 0.4 0.3 0.0 Risk of delays, disruption & capes cuts Non-OPEC Supply 54.0