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Balance of Supply and Demand

OPEC Monthly Oil Market Report – August 2017

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Table 10 - 2: Supply/demand balance for 2018*, mb/d

Graph 10 - 1: Balance of supply and demand, 2017-2018*

Change

2017 1Q18 2Q18 3Q18 4Q18 2018 2018/17

(a) World oil demand

96.49 96.63 96.93 98.55 98.96 97.77 1.28

Non-OPEC supply

57.77 58.48 58.61 58.75 59.62 58.87 1.10

OPEC NGLs and non-conventionals

6.31 6.44 6.47 6.50 6.53 6.49 0.18

(b) Total non-OPEC supply and OPEC NGLs 64.07 64.93 65.08 65.25 66.14 65.35 1.28

Difference (a-b)

32.42 31.71 31.85 33.30 32.81 32.42 0.00

Note: * 2018 = Forecast.

Totals may not add up due to independent rounding.

Source: OPEC Secretariat.

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1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

mb/d

mb/d

OPEC crude production

Required OPEC crude

Note: * 2017 and 2018 = Forecast.

Source: OPEC Secretariat.