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World Oil Demand

34

OPEC Monthly Oil Market Report – September 2017

Graph 4 - 3: OECD Europe oil demand,

y-o-y change

Graph 4 - 4: UK diesel oil demand,

y-o-y change

A large majority of countries in the region showed strongly increasing oil demand year-to-date compared with

the same period in 2016. Gains in road transportation fuels are also a reflection of the positive momentum in

auto sales, which seem to be gaining after a long period of decline. General expectations for the region’s oil

demand growth for the remainder of 2017 and 2018 are positive, though more conservative than those

experienced during the first half of the year, mainly due to risks that traditionally relate to the region’s oil

demand structure, such as high taxation polices for oil use and fuel substitution.

Table 4 - 3: Europe Big 4* oil demand, tb/d

OECD Europe oil demand

is projected to grow by 0.15 mb/d in 2017, while 2018 oil demand will grow

slightly by 0.07 mb/d compared with 2017.

OECD Asia Pacific

Japan

Preliminary data implies that

Japanese oil demand

shrank again in July y-o-y by a slight 0.05 mb/d

following continuing declines for all months in the first half of the year. Despite overall declines, however, the

performance of some petroleum products remained positive. Jet/kerosene, fuel oil and diesel requirements

saw y-o-y gains as a result of their usage in the petrochemical, industrial and transportation sectors.

For gasoline, demand remained stagnant y-o-y, while requirements for direct use crude saw substantial

losses compared with the same month in 2016 as a result of continuing fuel substitution by other primary

energy commodities.

-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

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

tb/d

Sources: Joint Organisations Data Initiative, UK Department of

Energy Climate and Change and OPEC Secretariat.

Jul 17

Jul 16

tb/d

%

LPG

420

434

-14

-3.2

Naphtha

688

730

-42

-5.8

Gasoline

1,137

1,129

8

0.7

Jet/kerosene

842

828

14

1.7

Diesel oil

3,208

3,147

61

1.9

Fuel oil

228

222

6

2.8

Other products

650

707

-57

-8.0

Total

7,174

7,197

-23

-0.3

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

Change 2017/2016

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