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World Oil Demand

OPEC Monthly Oil Market Report – August 2017

33

Graph 4 - 5: OECD Asia Pacific oil demand,

y-o-y change

Graph 4 - 6: Japanese LPG and naphtha demand,

y-o-y change

The outlook for 2017 and 2018 Japanese oil demand is unchanged from last month’s forecasts, with the risks

continuing to be skewed towards the downside mainly due to weaker economic forecasts, increasing

efficiencies in the road transportation sector, as well as fuel substitution. Projections for 2018 assume that

more nuclear plants will re-start operations.

Table 4 - 4: Japanese domestic sales, tb/d

South Korea

Positive expectations for oil demand in the region are mainly seen in

South Korea

, apart from smaller

additional volumes for Australia, New Zealand and some other countries in the region. The latest available

data for South Korea in May 2017 indicate a solid increase of 0.04 mb/d, compared to the same month last

year, with demand for the majority of the main petroleum product categories on the rise, particularly those

used in the country’s petrochemical sector, naphtha and LPG. Furthermore, gas diesel oil and gasoline

demand also witnessed marked y-o-y increases during May 2017.

The outlook for South Korean oil demand during 2017 and 2018 remains positive, with risks slightly skewed

to the upside compared to last month’s projections.

OECD Asia Pacific

oil demand is projected to fall by 0.01 mb/d in 2017. The drop is expected to continue in

2018, albeit slightly larger at 0.02 mb/d y-o-y.

-800

-400

0

400

800

-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.

-150

-100

-50

0

50

100

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

LPG

Naphtha

Sources: Ministry of Economy Trade and Industry of Japan,

Joint Organizations Data Initiave and OPEC Secretariat.

Jun 17

Jun 16

tb/d

%

LPG

354

349

5

1.4

Naphtha

731

712

19

2.6

Gasoline

867

870

-3

-0.4

Jet/kerosene

356

329

27

8.3

Diesel oil

768

729

39

5.4

Fuel oil

162

294

-132

-44.9

Other products

365

345

20

5.8

Total

3,603

3,628

-25

-0.7

Change 2017/2016

Sources: JODI, Ministry of Energy and Trade and Industry of Japan and OPEC Secretariat.