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World Oil Demand

OPEC Monthly Oil Market Report – September 2017

31

World Oil Demand

In 2017, world oil demand growth was revised higher by around 50 tb/d, primarily as a result of better–than-

expected performance from OECD America and Europe in 2Q17. Hence, world oil demand growth is now

pegged at 1.42 mb/d, with total global consumption at 96.77 mb/d.

World oil demand growth for 2018 was also revised up by around 70 tb/d from the previous month’s report;

it is now anticipated to be 1.35 mb/d, with total global consumption of around 98.12 mb/d.

World oil demand in 2017 and 2018

Table 4 - 1: World oil demand in 2017*, mb/d

Historical oil demand has been revised upward for 2015 and 2016 by approximately 0.3 mb/d to reflect latest

annual Chinese data and following comprehensive review and analysis of available information. Upward

revisions reflect particularly higher Chinese demand for the lighter part of the barrel, LPG and gasoline, as

well as partly residual fuel oil; these upward revisions have been however partly offset by lower adjustments

in the demand for middle distillates, gas diesel oil and jet kerosene.

2016 1Q17 2Q17 3Q17 4Q17 2017 Growth %

Americas

24.67 24.52 24.86 25.28 24.96 24.91

0.23 0.94

of which US

19.94 19.84 20.14 20.43 20.21 20.16

0.22 1.11

Europe

14.05 13.82 14.14 14.54 14.28 14.20

0.15 1.08

Asia Pacific

8.12 8.60 7.69 7.81 8.34 8.11 -0.01 -0.11

Total OECD

46.84 46.94 46.69 47.63 47.59 47.21

0.37 0.80

Other Asia

12.85 12.87 13.30 12.97 13.47 13.15

0.30 2.32

of which India

4.39 4.43 4.42 4.29 4.81 4.49

0.10 2.31

Latin America

6.47 6.27 6.51 6.82 6.46 6.52

0.05 0.72

Middle East

7.97 8.11 7.91 8.45 7.85 8.08

0.11 1.36

Africa

4.10 4.23 4.19 4.14 4.26 4.20

0.11 2.64

Total DCs

31.39 31.47 31.90 32.38 32.04 31.95

0.56 1.79

FSU

4.62 4.54 4.39 4.76 5.08 4.69

0.07 1.52

Other Europe

0.70 0.71 0.67 0.70 0.79 0.72

0.02 3.15

China

11.80 11.88 12.40 12.10 12.41 12.20

0.39 3.34

Total "Other regions"

17.12 17.12 17.46 17.56 18.28 17.61

0.49 2.84

Total world

95.35 95.54 96.05 97.57 97.91 96.77

1.42 1.49

Previous estimate

95.12 95.39 95.65 97.28 97.63 96.49

1.37 1.44

Revision

0.23 0.15 0.39 0.29 0.28 0.28

0.05 0.05

Source: OPEC Secretariat.

Change 2017/16

Totals may not add up due to independent rounding.

Note: * 2017 = Forecast.