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00-1 Oil Market Highlights
3

Oil Market Highlights
3

Crude Oil Price Movements
3

World Economy
3

World Oil Demand
3

World Oil Supply
3

Product Markets and Refining Operations
3

Tanker Market
3

Stock Movements
3

Balance of Supply and Demand
3

00-2 Feature Article
5

Feature Article
5

The Winter Product Markets Outlook
5

00-3 Table of Contents
7

01 Crude Oil Price Movements
9

Crude Oil Price Movements
9

OPEC Reference Basket
9

The oil futures market
11

The futures market structure
13

The light sweet/medium sour crude spread
15

Impact of US dollar and inflation on oil prices
16

02 Commodity Markets
17

Commodity Markets
17

Trends in selected commodity markets
17

Investment flows into commodities
18

03 World Economy
20

World Economy
20

OECD
20

OECD Americas
20

US
20

Canada
24

OECD Asia Pacific
24

Japan
24

South Korea
25

OECD Europe
25

Euro-zone
25

UK
27

Non-OECD
28

BRICs
28

Brazil
28

Russia
29

India
31

China
33

OPEC Member Countries
37

Other Asia
38

Africa
39

Latin America
39

Transition region
39

US administration’s tax reform proposal
22

04 World Oil Demand
40

World Oil Demand
40

World oil demand in 2017 and 2018
40

OECD
41

OECD Americas
42

US
42

OECD Europe
43

OECD Asia Pacific
44

Japan
44

South Korea
45

Non-OECD
46

China
46

India
47

Other Asia
48

Taiwan
48

Middle East
48

Saudi Arabia
49

Iraq
49

Latin America
49

Brazil
50

Argentina
50

05 World Oil Supply
51

World Oil Supply
51

Non-OPEC oil supply highlights in 2017
51

Non-OPEC oil supply highlights in 2018
53

Non-OPEC oil supply in 2017 and 2018
55

OECD
55

OECD Americas
55

US
56

US oil rig count
57

Canada
59

Mexico
60

OECD Europe
60

Norway
61

UK
61

Developing Countries
62

Latin America
62

Brazil
63

FSU
63

Russia
64

Caspian
64

China
65

OPEC NGLs and non-conventional oils
65

OPEC crude oil production
66

World oil supply
67

06 Product Markets and Refinery Operations
68

Product Markets and Refinery Operations
68

Refinery margins
68

Refinery operations
68

Product markets
69

US market
69

European market
70

Asian market
70

07 Tanker Market
73

Tanker Market
73

Spot fixtures
73

Sailings and arrivals
73

Dirty tanker freight rates
74

VLCC
74

Suezmax
74

Aframax
75

Clean tanker freight rates
76

08 Oil Trade
77

Oil Trade
77

US
77

Japan
79

China
80

India
81

FSU
82

09 Stock Movements
85

Stock Movements
85

OECD
85

OECD Americas
86

OECD Europe
86

OECD Asia Pacific
86

EU plus Norway
87

US
88

Japan
89

China
90

Singapore and Amsterdam-Rotterdam-Antwerp (ARA)
91

Singapore
91

Amsterdam-Rotterdam-Antwerp (ARA)
91

10 Balance of Supply and Demand
92

Balance of Supply and Demand
92

Balance of supply and demand in 2017
92

Balance of supply and demand in 2018
92

11 Appendix
94

Appendix
94

12 Glossary of Terms
100

Glossary of Terms
100

Abbreviations
100

Acronyms
101

13 Contributors to the OPEC Monthly Oil Market Report
103

Contributors to the OPEC Monthly Oil Market Report
103

Editor-in-Chief
103

Editor
103

Analysts
103

Statistical services
103

Editing, production, design and circulation
103