31 May 2015 Integrated Oil US Integrated Oils Global Oil Demand and Decline Rates - Our base case assumes 1.2 MMb/d of global product demand growth in 2016 (vs. 2015), an improvement over the current 2015 growth

half surplus at +177 kb/d. Deutsche Bank AG/London Figure 2: Global crude oil balances normalise in 2017E OECD Stock Change (rhs) Balance (rhs) Global Oil Demand (lhs) 100 84 86 88 90 92 94 96 98 mm b/d Surplus Global Oil Supply (lhs) mm b/d Deficit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2