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World Oil Demand

40

OPEC Monthly Oil Market Report – October 2017

While LPG continues to grow, demand edged up by around 80 tb/d y-o-y with total consumption reaching

0.75 mb/d, as robust housing demand continues to support Indian LPG demand.

For the remainder of 2017, India is still projected to be the main contributor to growth in the

Other Asian

region

as demand is expected to pick up during 4Q17. Hong Kong, Indonesia, Taiwan and Singapore are

also projected to grow positively in the current year, supporting oil demand growth in the region. Middle

distillates, followed by gasoline, will be the products leading oil demand in the region.

Other Asia

In

2018

,

Other Asia’s oil demand growth

is

anticipated to rise at a healthy pace along with

positive economic growth projections. Within the

region, India is foreseen to be the major contributor

to growth and other countries in the region – such

as Indonesia, Thailand, Singapore and the

Philippines – are also projected to gain momentum

in 2018. Light distillate products – which include

LPG, naphtha and gasoline – will lead oil demand

growth next year.

Other Asia’s oil demand

is estimated to grow at a

rate of 0.27 mb/d in 2017. As for 2018, oil demand

is forecast to grow by 0.33 mb/d over the current

year.

Graph 4 - 10:Other Asia oil demand, y-o-y change

Taiwan

Taiwan

’s latest available data for the month of July 2017 indicates oil requirements increasing by 58 tb/d, or

6% y-o-y. The bulk of the increase is attributed to diesel oil demand and light distillate fuels, namely, naphtha

and gasoline, highlighting improvement in the industrial and transportation sectors.

Middle East

Graph 4 - 11: Middle East oil demand, y-o-y

change

Graph 4 - 12: Saudi Arabian direct crude burning,

y-o-y change

0

200

400

600

800

1,000

0

200

400

600

800

1,000

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.

-200

0

200

400

600

-200

0

200

400

600

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,

direct communication and OPEC Secretariat.

-300

-200

-100

0

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

Sources: Joint Organisations Data Initiative,

direct communication and OPEC Secretariat.