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World Oil Demand

OPEC Monthly Oil Market Report – October 2017

37

Graph 4 - 5: OECD Asia Pacific oil demand,

y-o-y change

Graph 4 - 6: Japanese LPG and naphtha demand,

y-o-y change

The outlook for overall 2017

Japanese oil demand

remains bearish, with risks continuing to be skewed

towards the downside. Oil demand projections for 2018 assume a decline of around 0.1 mb/d as compared

to 2017, with risks also pointing to the downside.

Table 4 - 5: Japanese domestic sales, tb/d

South Korea

In

South Korea

, July 2017 demand was bullish, increasing by approximately 8.4%, y-o-y. Gains in the

petrochemical industry, which resulted in strong demand for naphtha, diesel, gasoline and jet/kerosene have

been somewhat offset by slightly shrinking requirements for residual fuel oil.

The outlook for South Korean oil demand during 2017 and 2018 remains healthy, unchanged from last

month’s projections.

The region’s oil demand has also been supported by increasing oil usage in

Australia

, as a result of support

to the country’s booming mining industry and gains almost solely originating from diesel oil demand.

OECD Asia Pacific oil consumption

growth is projected to increase marginally 2017 as compared to a year

earlier. Oil demand in the region is projected to contract slightly by 0.01 mb/d y-o-y in 2018.

-800

-400

0

400

800

-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: Joint Organisations Data Initiative, national and

OPEC Secretariat.

-150

-100

-50

0

50

100

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

LPG

Naphtha

Sources: Ministry of Economy Trade and Industry of Japan,

Joint Organisations Data Initiative and OPEC Secretariat.

Aug 17

Aug 16

tb/d

%

LPG

413

407

6

1.4

Naphtha

803

740

63

8.5

Gasoline

989

1,030

-41

-4.0

Jet/kerosene

334

324

10

3.1

Diesel oil

719

733

-14

-1.9

Fuel oil

285

293

-8

-2.6

Other products

356

403

-47

-11.8

Total

3,899

3,930

-31

-0.8

Change 2017/2016

Sources: JODI, Ministry of Energy and Trade and Industry of Japan and OPEC Secretariat.