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World Oil Demand

OPEC Monthly Oil Market Report – August 2017

31

Table 4 - 2: US oil demand, tb/d

Despite expanding

Mexican

manufacturing activity in June 2017, as well as increasing jet kerosene and

residual fuel oil demand, Mexican oil requirements declined by almost 3% y-o-y. Shrinking LPG, gasoline

and gas diesel oil demand accounted for the overwhelming share of this drop. The risks for Mexican oil

demand in 2017 and 2018 are skewed to the downside and are related to the development of the country’s

overall economy.

In

Canada

, May 2017 demand was strong, increasing y-o-y. The demand for almost all the main petroleum

product categories registered gains, particularly residual fuel oil, gasoline and gas diesel oil. However, the

overall increase has been partly offset by declining LPG and naphtha demand. Canadian oil demand in 2018

is projected to remain roughly at the level of 2017, with only a marginal increases. The risks are equally

distributed between the upside and downside, and are generally dependent on the development of the

country’s economy.

In 2017,

OECD Americas oil demand

is expected to grow by 0.21 mb/d compared to 2016. In 2018,

OECD Americas oil demand is then projected to increase by a further 0.19 mb/d.

OECD Europe

Following strong growth in 2015 and 2016,

European oil demand

continues to be in positive territory in the

first half of 2017, which includes some preliminary indications for June 2017. The main reasons behind

increasing oil demand during the 1Q17 were the improving economy and colder temperatures than the

historical norm. The expansion in oil demand for the 2Q17 is largely supported by the growing economy and,

consequently, the industrial and transportation sectors. Middle distillates, gas diesel oil, jet kerosene and

naphtha account for the bulk of increases, with this growth partly offset by shrinking residual fuel oil and

LPG demand.

Graph 4 - 3: OECD Europe oil demand,

y-o-y change

Graph 4 - 4: UK diesel oil demand,

y-o-y change

May 17

May 16

tb/d

%

LPG

2,288

2,230

58

2.6

Naphtha

240

230

10

4.3

Gasoline

9,601

9,447

154

1.6

Jet/kerosene

1,674

1,566

108

6.9

Diesel oil

3,969

3,745

224

6.0

Fuel oil

368

333

35

10.5

Other products

2,172

1,928

245

12.7

Total

20,312

19,479

834

4.3

Change 2017/2016

Sources: US Energy Information Administration and OPEC Secretariat.

-1,200

-800

-400

0

400

800

-1,200

-800

-400

0

400

800

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

tb/d

tb/d

Historical range

Historical average

2016

2017

Sources: National, Joint Organisations Data Initiative and

OPEC Secretariat.

-40

-30

-20

-10

0

10

20

30

40

50

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

tb/d

Sources: Joint Organizations Data Initiave, UK Department of

Energy Climate and Change and OPEC Secretariat.