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World Oil Demand

OPEC Monthly Oil Market Report – October 2017

33

Table 4 - 2: World oil demand in 2018*, mb/d

OECD

Based on the latest available data,

oil demand growth in the OECD

region was revised upward by 42 tb/d

in 2017 on better-than-expected data for the 2Q17 in all regions within the OECD.

OECD America’s

oil demand showed moderate development in July. In the US better-than-expected oil

demand growth in 2Q17, supported an upward revision of transportation fuels by 100 tb/d in the same

quarter. For 2018, oil demand projections were revised marginally higher by around 15 tb/d, on a more

positive economic outlook compared to last month’s report.

OECD Europe’s

oil demand data outperformed initial projections. The upward adjustments of 30 tb/d in both

1Q17 and 2Q17, respectively, were caused by the low oil price environment, stable or improving economic

conditions in many countries in Europe and healthy vehicle sales.

The upward adjustments for

OECD Asia Pacific

, by 30 tb/d in 2Q17 and 3Q17, were a result of the strong

performance of the petrochemical industry mainly in Japan and South Korea, as well as higher than

anticipated oil requirements in Australia.

2017 1Q18 2Q18 3Q18 4Q18 2018 Growth

%

Americas

24.93 24.69 25.14 25.50 25.20 25.14

0.20 0.82

of which US

20.18 19.97 20.44 20.65 20.40 20.37

0.18 0.91

Europe

14.21 13.95 14.23 14.62 14.34 14.29

0.07 0.50

Asia Pacific

8.13 8.59 7.71 7.81 8.33 8.11 -0.01 -0.18

Total OECD

47.27 47.23 47.08 47.93 47.87 47.53

0.26 0.55

Other Asia

13.13 13.19 13.65 13.21 13.80 13.46

0.33 2.55

of which India

4.46 4.63 4.64 4.28 4.94 4.62

0.16 3.55

Latin America

6.52 6.36 6.59 6.91 6.55 6.60

0.09 1.30

Middle East

8.07 8.20 7.99 8.51 7.95 8.16

0.10 1.18

Africa

4.21 4.37 4.30 4.25 4.38 4.32

0.12 2.76

Total DCs

31.92 32.11 32.53 32.87 32.68 32.55

0.63 1.98

FSU

4.69 4.65 4.51 4.88 5.20 4.81

0.12 2.45

Other Europe

0.72 0.73 0.69 0.73 0.82 0.74

0.03 3.48

China

12.20 12.22 12.75 12.48 12.76 12.55

0.35 2.87

Total "Other regions"

17.62 17.59 17.95 18.09 18.78 18.11

0.49 2.78

Total world

96.80 96.93 97.57 98.88 99.34 98.19

1.38 1.43

Previous estimate

96.77 96.87 97.39 98.91 99.30 98.12

1.35 1.40

Revision

0.03 0.06 0.18 -0.03 0.04 0.06

0.03 0.03

Source: OPEC Secretariat.

Totals may not add up due to independent rounding.

Change 2018/17

Note: * 2018 = Forecast.