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00-1 Oil Market Highlights
3

Oil Market Highlights
3

Crude Oil Price Movements
3

World Economy
3

World Oil Demand
3

World Oil Supply
3

Product Markets and Refining Operations
3

Tanker Market
3

Stock Movements
3

Balance of Supply and Demand
3

00-2 Feature Article
5

Feature Article
5

World Economic Prospects
5

00-3 Table of Contents
7

01 Crude Oil Price Movements
9

Crude Oil Price Movements
9

OPEC Reference Basket
9

The oil futures market
11

The futures market structure
13

The light sweet/medium sour crude spread
14

02 Commodity Markets
15

Commodity Markets
15

Trends in selected commodity markets
15

Investment flows into commodities
17

03 World Economy
19

World Economy
19

OECD
19

OECD Americas
19

US
19

Canada
21

OECD Asia Pacific
21

Japan
21

South Korea
23

OECD Europe
23

Euro-zone
23

UK
24

Non-OECD
26

BRICs
26

Brazil
26

Russia
27

India
28

China
31

OPEC Member Countries
34

Other Asia
34

Africa
35

Latin America
35

Transition region
35

Oil prices, US dollar and inflation
36

04 World Oil Demand
37

World Oil Demand
37

World oil demand in 2017 and 2018
37

OECD
37

OECD Americas
38

US
38

OECD Europe
39

OECD Asia Pacific
40

Japan
40

South Korea
41

Non-OECD
42

Other Asia
42

India
42

Indonesia
43

Thailand
43

Latin America
43

Brazil
43

Argentina
44

Ecuador
44

Middle East
44

Saudi Arabia
45

China
45

05 World Oil Supply
47

World Oil Supply
47

Non-OPEC supply in 2017 and 2018
47

OECD
51

OECD Americas
52

US
52

US oil rig count
54

Canada
55

Canada’s oil rig count
56

Mexico
56

OECD Europe
57

Norway
57

UK
58

Developing Countries
58

Latin America
58

Brazil
59

Africa
59

FSU
59

Russia
60

Kazakhstan
60

China
61

OPEC NGLs and non-conventional oils
61

OPEC crude oil production
62

World oil supply
63

06 Product Markets and Refinery Operations
64

Product Markets and Refinery Operations
64

Refinery margins
64

Refinery operations
65

Product markets
66

US market
66

European market
67

Asian market
68

07 Tanker Market
71

Tanker Market
71

Spot fixtures
71

Sailings and arrivals
71

Dirty tanker freight rates
72

VLCC
72

Suezmax
73

Aframax
73

Clean tanker freight rates
74

08 Oil Trade
75

Oil Trade
75

US
75

Japan
77

China
78

India
79

FSU
81

09 Stock Movements
83

Stock Movements
83

OECD
83

OECD Americas
84

OECD Europe
84

OECD Asia Pacific
84

EU plus Norway
85

US
86

Japan
87

China
88

Singapore and Amsterdam-Rotterdam-Antwerp (ARA)
89

Singapore
89

Amsterdam-Rotterdam-Antwerp (ARA)
89

10 Balance of Supply and Demand
90

Balance of Supply and Demand
90

Balance of supply and demand in 2017
90

Balance of supply and demand in 2018
90

11 Alternative Energies
92

Alternative Energies
92

New technologies find niches in urban transportation in China
92

Windpower – a growing industry faces challenges
93

12 Monthly Endnotes
95

Monthly Endnotes
95

Cushing crude oil inventories point to improving market
95

California extends cap-and-trade programme to 2030
96

China appears ready to launch long-delayed crude futures market
97

13 Appendix
99

Appendix
99

14 Glossary of Terms
105

Glossary of Terms
105

Abbreviations
105

Acronyms
106

15 Contributors to the OPEC Monthly Oil Market Report
108

Contributors to the OPEC Monthly Oil Market Report
108

Editor-in-Chief
108

Editor
108

Analysts
108

Statistical services
108

Editing, production, design and circulation
108