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World Oil Demand

36

OPEC Monthly Oil Market Report – October 2017

Graph 4 - 3: OECD Europe oil demand,

y-o-y change

Graph 4 - 4: UK diesel oil demand,

y-o-y change

OECD Europe oil demand

is projected to grow for the third consecutive year, by 0.17 mb/d in 2017, while

2018 oil demand will grow by 0.07 mb/d as compared to the levels of 2017.

Table 4 - 4: Europe Big 4* oil demand, tb/d

OECD Asia Pacific

Japan

Preliminary data indicates that overall

Japanese oil demand

contracted by 0.03 mb/d in August 2017 y-o-y,

with a mixed picture across product categories. Naphtha, gasoline and jet/kerosene demand grew solidly but

have been outweighed by declines in the requirements for diesel oil, residual fuel oil and crude for direct

burning. The latter came as a result of fuel substitution with natural gas and coal, and supported

expectations that see further declines in direct oil usage for the remainder of 2017. New auto sales for

August 2017 showed y-o-y increases.

-1,200

-800

-400

0

400

800

-1,200

-800

-400

0

400

800

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

tb/d

tb/d

Historical range

Historical average

2016

2017

Sources: National, Joint Organisations Data Initiative and OPEC

Secretariat.

-40

-30

-20

-10

0

10

20

30

40

50

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

tb/d

Sources: Joint Organisations Data Initiative, UK Department of

Energy Climate and Change and OPEC Secretariat.

Aug 17

Aug 16

tb/d

%

LPG

453

445

8

1.9

Naphtha

705

699

6

0.9

Gasoline

1,121

1,128

-7

-0.6

Jet/kerosene

865

847

18

2.2

Diesel oil

3,125

3,248

-123

-3.8

Fuel oil

226

232

-6

-2.4

Other products

539

648

-109

-16.8

Total

7,035

7,247

-212

-2.9

Sources: JODI, UK Department of Energy and Climate Change, Unione Petrolifera and OPEC Secretariat.

Change 2017/2016

Note: * Germany, France, Italy and the UK.