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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 aftermath of Hurricane Harvey
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
14

Impact of US dollar and inflation on oil prices
15

02 Commodity Markets
16

Commodity Markets
16

Trends in selected commodity markets
16

Investment flows into commodities
19

03 World Economy
20

World Economy
20

OECD
20

OECD Americas
20

US
20

Canada
23

OECD Asia Pacific
23

Japan
23

South Korea
24

OECD Europe
24

Euro-zone
24

UK
26

Non-OECD
27

BRICs
27

Brazil
27

Russia
28

India
29

China
33

OPEC Member Countries
35

Other Asia
37

Africa
37

Latin America
37

Transition region
38

US trade policies and global trade
22

04 World Oil Demand
39

World Oil Demand
39

World oil demand in 2017 and 2018
39

OECD
40

OECD Americas
40

US
40

OECD Europe
41

OECD Asia Pacific
42

Japan
42

South Korea
43

Non-OECD
43

Other Asia
44

India
44

Indonesia
45

Thailand
45

Latin America
45

Brazil
46

Argentina
46

Middle East
47

Saudi Arabia
47

Iraq
47

China
48

Electric vehicles – recent developments
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

OECD
56

OECD Americas
56

US
56

US oil rig count
58

Canada
60

Mexico
61

OECD Europe
61

Norway
61

UK
62

Developing Countries
62

Latin America
63

Brazil
63

Other Asia
63

Malaysia
64

Indonesia
64

Africa
64

FSU
64

Russia
65

Caspian
65

China
66

OPEC NGLs and non-conventional oils
66

OPEC crude oil production
67

World oil supply
68

North American oil & gas industryoffer support for NAFTA ahead of renegotiation
59

06 Product Markets and Refinery Operations
69

Product Markets and Refinery Operations
69

Refinery margins
69

Refinery operations
70

Product markets
71

US market
71

European market
72

Asian market
73

US relaxes restrictionsto meet fuel needs following hurricane disruptions
74

07 Tanker Market
77

Tanker Market
77

Spot fixtures
77

Sailings and arrivals
77

Dirty tanker freight rates
78

VLCC
78

Suezmax
78

Aframax
79

Clean tanker freight rates
80

08 Oil Trade
81

Oil Trade
81

US
81

Japan
83

China
84

India
85

FSU
87

09 Stock Movements
89

Stock Movements
89

OECD
89

OECD Americas
90

OECD Europe
90

OECD Asia Pacific
90

EU plus Norway
91

US
92

Japan
93

China
94

Singapore and Amsterdam-Rotterdam-Antwerp (ARA)
95

Singapore
95

Amsterdam-Rotterdam-Antwerp (ARA)
95

10 Balance of Supply and Demand
96

Balance of Supply and Demand
96

Balance of supply and demand in 2017
96

Balance of supply and demand in 2018
96

11 Appendix
98

Appendix
98

12 Glossary of Terms
104

Glossary of Terms
104

Abbreviations
104

Acronyms
105

13 Contributors to the OPEC Monthly Oil Market Report
107

Contributors to the OPEC Monthly Oil Market Report
107

Editor-in-Chief
107

Editor
107

Analysts
107

Statistical services
107

Editing, production, design and circulation
107