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OPEC Monthly Oil Market Report – August 2017

v

Table of Contents

Oil Market Highlights

i

Feature Article

iii

World Economic Prospects

iii

Crude Oil Price Movements

1

OPEC Reference Basket

1

The oil futures market

3

The futures market structure

5

The light sweet/medium sour crude spread

6

Commodity Markets

7

Trends in selected commodity markets

7

Investment flows into commodities

9

World Economy

11

OECD

11

Non-OECD

18

Oil prices, US dollar and inflation

28

World Oil Demand

29

World oil demand in 2017 and 2018

29

OECD

29

Non-OECD

34

World Oil Supply

39

Non-OPEC supply in 2017 and 2018

39

OECD

43

Developing Countries

50

OPEC NGLs and non-conventional oils

53

OPEC crude oil production

54

World oil supply

55

Product Markets and Refinery Operations

56

Refinery margins

56

Refinery operations

57

Product markets

58

Tanker Market

63

Spot fixtures

63

Sailings and arrivals

63

Dirty tanker freight rates

64

Clean tanker freight rates

66