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World Oil Demand

OPEC Monthly Oil Market Report – August 2017

29

World Oil Demand

World oil demand growth in 2017 now stands at 1.37 mb/d following an upward revision of 100 tb/d due to

better-than-expected performance from the OECD region in the 2Q17. Total oil demand is now pegged at

96.5 mb/d. In 2018, world oil demand is projected to grow by 1.28 mb/d from 2017 levels, marginally higher

than last month’s reports. This means that total oil consumption is anticipated to hit a new record high of

97.8 mb/d in 2018.

World oil demand in 2017 and 2018

Table 4 - 1: World oil demand in 2017*, mb/d

OECD

Based on the latest available data,

oil demand growth in the OECD

region in 2017 has been revised higher

by 77 tb/d. The better-than-expected data for the 2Q in all OECD regions, but primarily OECD America, is

the major reason for this upward revision.

OECD America oil demand data showed firm development during May with gains above 0.8 mb/d y-o-y

supporting the upward revision of 200 tb/d in 2Q17. Transportation fuels were the key products for the

region’s growth, with gasoline and jet fuel rising considerably. This development has also raised expectations

for the 3Q17 as transportation fuels are expected to gain further upside momentum during the summer

season. This has led to an upward revision of 50tb/d in 3Q17.

2016 1Q17 2Q17 3Q17 4Q17 2017 Growth %

Americas

24.74 24.53 25.03 25.31 24.94 24.96

0.21 0.86

of which US

20.01 19.84 20.32 20.47 20.19 20.21

0.20 1.01

Europe

14.01 13.79 14.01 14.46 14.22 14.12

0.11 0.79

Asia Pacific

8.12 8.59 7.69 7.81 8.34 8.11 -0.01 -0.11

Total OECD

46.87 46.91 46.73 47.59 47.51 47.18

0.31 0.67

Other Asia

12.85 12.97 13.30 13.00 13.47 13.18

0.33 2.57

of which India

4.39 4.53 4.42 4.32 4.81 4.52

0.13 3.05

Latin America

6.47 6.27 6.54 6.82 6.46 6.52

0.05 0.84

Middle East

7.97 8.11 7.91 8.45 7.85 8.08

0.11 1.36

Africa

4.10 4.23 4.19 4.14 4.26 4.20

0.11 2.64

Total DCs

31.39 31.57 31.93 32.41 32.04 31.99

0.60 1.91

FSU

4.66 4.57 4.43 4.80 5.12 4.73

0.07 1.51

Other Europe

0.70 0.71 0.67 0.70 0.79 0.72

0.02 3.15

China

11.51 11.63 11.90 11.78 12.17 11.87

0.36 3.14

Total "Other regions"

16.86 16.90 17.00 17.28 18.08 17.32

0.45 2.69

Total world

95.12 95.39 95.65 97.28 97.63 96.49

1.37 1.44

Previous estimate

95.12 95.44 95.33 97.27 97.48 96.38

1.27 1.33

Revision

0.01 -0.06 0.33 0.01 0.16 0.11

0.10 0.11

Source: OPEC Secretariat.

Change 2017/16

Totals may not add up due to independent rounding.

Note: * 2017 = Forecast.