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World Oil Demand

32

OPEC Monthly Oil Market Report – August 2017

The large majority of countries in the region show increasing oil demand y-o-y for the 1H17. Growth in road

transportation fuels are in line with the positive momentum in auto sales, which showed solid increases of

around 5% y-o-y during the 1H17 and with June’s absolute levels approaching those prior to 2007. However,

the general expectations for the region’s oil demand growth during the remainder of 2017 and 2018 are more

conservative than those during the first half of the year. This is mainly due to the high historical baseline and

the risks that traditionally relate to the region’s oil demand structure, such as high taxation polices in oil use

and fuel substitution.

Table 4 - 3: Europe Big 4* oil demand, tb/d

OECD Europe oil demand

is projected to grow by 0.11 mb/d in 2017, while 2018 oil demand will grow

slightly by 0.04 mb/d, compared to 2017.

OECD Asia Pacific

Japan

Preliminary data suggest that

Japanese oil demand

shrank slightly y-o-y in June 2017, by almost

0.03 mb/d. This follows continuing declines in each of the five previous months of 2017. However, the picture

was in fact positive for the majority of petroleum product categories. LPG and naphtha requirements saw

gains y-o-y, with strong demand also for jet kerosene and gas diesel oil in the transportation and industrial

sectors. On the flip side, gasoline demand remained stagnant y-o-y, while requirements for residual fuel oil

registered substantial losses, compared to the same month in 2016. Moreover, despite warmer weather the

required volumes for direct use of crude oil and residual fuel oil for electricity generation declined for another

month y-o-y, compared to the historical norm. This was the result of fuel substitution with other primary

energy commodities.

Jun 17

Jun 16

tb/d

%

LPG

420

441

-21

-4.8

Naphtha

789

740

49

6.6

Gasoline

1,030

1,027

3

0.3

Jet/kerosene

637

608

29

4.8

Diesel oil

3,155

3,038

117

3.8

Fuel oil

285

262

23

8.8

Other products

550

654

-104

-16.0

Total

6,866

6,770

96

1.4

Sources: JODI, UK Department of Energy and Climate Change, Unione Petrolifera and OPEC Secretariat.

Change 2017/2016

Note: * Germany, France, Italy and the UK.