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World Oil Demand

32

OPEC Monthly Oil Market Report – October 2017

World Oil Demand

2017 world oil demand growth was revised higher by around 30 tb/d, compared to the previous month’s

report, reflecting the positive momentum in the OECD region and China. As a result, world oil demand

growth for 2017 now stands at 1.45 mb/d to average 96.80 mb/d.

World oil demand growth for 2018 was also revised upward by around 30 tb/d from the previous month’s

report. It is now anticipated to be around 1.38 mb/d, with total global consumption forecast at 98.19 mb/d.

World oil demand in 2017 and 2018

Table 4 - 1: World oil demand in 2017*, mb/d

2016 1Q17 2Q17 3Q17 4Q17 2017 Growth %

Americas

24.67 24.52 24.96 25.28 24.96 24.93

0.26 1.04

of which US

19.94 19.84 20.24 20.43 20.21 20.18

0.25 1.24

Europe

14.05 13.85 14.17 14.55 14.28 14.21

0.17 1.18

Asia Pacific

8.12 8.60 7.72 7.85 8.34 8.13

0.01 0.08

Total OECD

46.84 46.97 46.85 47.67 47.59 47.27

0.43 0.92

Other Asia

12.85 12.87 13.30 12.87 13.47 13.13

0.27 2.12

of which India

4.39 4.43 4.42 4.19 4.81 4.46

0.08 1.74

Latin America

6.47 6.27 6.51 6.82 6.46 6.52

0.05 0.72

Middle East

7.97 8.11 7.91 8.40 7.85 8.07

0.10 1.20

Africa

4.10 4.25 4.19 4.14 4.26 4.21

0.11 2.76

Total DCs

31.39 31.49 31.90 32.23 32.04 31.92

0.53 1.68

FSU

4.62 4.54 4.39 4.76 5.08 4.69

0.07 1.52

Other Europe

0.70 0.71 0.67 0.70 0.79 0.72

0.02 3.15

China

11.80 11.88 12.40 12.13 12.41 12.20

0.40 3.40

Total "Other regions"

17.12 17.12 17.46 17.59 18.28 17.62

0.49 2.89

Total world

95.35 95.59 96.21 97.49 97.91 96.80

1.45 1.52

Previous estimate

95.35 95.54 96.05 97.57 97.91 96.77

1.42 1.49

Revision

0.00 0.05 0.16 -0.08 0.00 0.03

0.03 0.03

Source: OPEC Secretariat.

Change 2017/16

Totals may not add up due to independent rounding.

Note: * 2017 = Forecast.