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Glossary of Terms

94

OPEC Monthly Oil Market Report – October 2017

NBS

National Bureau of Statistics

NGLs

natural gas liquids

NPC

National People’s Congress (China)

NWE

Northwest Europe

NYMEX

New York Mercantile Exchange

OECD

Organisation for Economic Co-operation and Development

OPEX

operational expenditures

OIV

total open interest volume

ORB

OPEC Reference Basket

PADD

Petroleum Administration for Defense Districts

PBoC

People’s Bank of China

PMI

purchasing managers’ index

PPI

producer price index

RBI

Reserve Bank of India

REER

real effective exchange rate

ROI

return on investment

SAAR

seasonally-adjusted annualized rate

SIAM

Society of Indian Automobile Manufacturers

SRFO

straight-run fuel oil

SUV

sports utility vehicle

ULCC

ultra-large crude carrier

ULSD

ultra-low sulphur diesel

USEC

US East Coast

USGC

US Gulf Coast

USWC

US West Coast

VGO

vacuum gasoil

VLCC

very large crude carriers

WPI

wholesale price index

WS

Worldscale

WTI

West Texas Intermediate

WTS

West Texas Sour