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World Oil Demand

38

OPEC Monthly Oil Market Report – September 2017

Brazil

In

Brazil

, oil demand grew during July, edging up by 35 tb/d, or 1.4%, compared with the same period in

2016. Increase in oil demand growth was led by gasoline, which rose by around 53 tb/d, or 8%,

y-o-y. Demand was stimulated by cheaper gasoline prices compared with ethanol, encouraging drivers to

use gasoline in their flex-fuel engine vehicles. On the other hand, ethanol demand has been declining since

the beginning of 2016, as curtailed production led to higher ethanol prices, hence limiting demand. Ethanol

demand declined by around 57 tb/d in July, while diesel demand increased in the same month by around

25 tb/d, or around 3% y-o-y. This increase is the result of a slow improvement in the overall economy, as

improvement in various sectors such as transportation, agriculture, construction and industry all contributed

positively. Fuel oil demand increased marginally by around 2 tb/d y-o-y to satisfy additional demand in the

power sector.

Table 4 - 6: Brazilian oil demand*, tb/d

Argentina

In

Argentina

, the latest available data for the month of June shows declining oil demand requirements; oil

demand edged down by 26 tb/d, or by 3%, y-o-y. While transportation fuels have recorded some gains led by

jet/kero and gasoline, those were outweighed by declines in petrochemical feedstock and power generation

fuels, namely LPG, diesel oil and fuel oil.

Going forward,

2017 and 2018 projections

for oil demand growth in

Latin America

are similar to last

month’s projections, and account for general improvement in the overall regional economy. Brazil is

projected to by the main contributor to growth, led by transportation fuels.

Latin American oil demand

is expected to rise by 50 tb/d in 2017 and gain some momentum in 2018,

increasing by around 90 tb/d.

Jul 17

Jul 16

tb/d

%

LPG

242

236

6

2.7

Naphtha

144

143

1

0.7

Gasoline

752

699

53

7.6

Jet/kerosene

120

119

1

1.1

Diesel oil

978

953

25

2.6

Fuel oil

91

85

6

6.9

Other products

330

387

-57

-14.6

Total

2,657

2,622

35

1.4

Change 2017/2016

Sources: JODI, Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis and OPEC Secretariat.

Note: * = Inland deliveries.