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World Oil Demand

30

OPEC Monthly Oil Market Report – November 2017

World Oil Demand

World oil demand growth in 2017 was adjusted higher from the previous month by 74 tb/d, mainly to reflect

better-than-expected data from China in 3Q17. As such, world oil demand growth for 2017 now stands at

1.53 mb/d to average 96.94 mb/d.

For 2018, global oil demand growth is expected at around 1.51 mb/d, revised up by 0.13 mb/d from the

previous month’s expectations reflecting the improved expectations from OECD Europe, OECD Asia Pacific,

China, India and some African countries. Total oil demand is projected to average 98.45 mb/d in 2018.

World oil demand in 2017 and 2018

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

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

Americas

24.74 24.62 25.03 25.26 25.03 24.99

0.24 0.99

of which US

20.00 19.94 20.32 20.44 20.26 20.24

0.24 1.20

Europe

14.04 13.84 14.17 14.52 14.28 14.20

0.16 1.13

Asia Pacific

8.12 8.60 7.72 7.92 8.39 8.16

0.04 0.45

Total OECD

46.90 47.06 46.92 47.69 47.70 47.34

0.44 0.94

Other Asia

12.85 12.87 13.30 12.90 13.47 13.13

0.28 2.18

of which India

4.39 4.43 4.42 4.20 4.81 4.47

0.08 1.80

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 8.40 7.85 8.07

0.10 1.20

Africa

4.10 4.25 4.19 4.14 4.26 4.21

0.11 2.76

Total DCs

31.39 31.49 31.90 32.26 32.04 31.93

0.54 1.71

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 12.30 12.46 12.26

0.46 3.88

Total "Other regions"

17.12 17.12 17.46 17.77 18.33 17.67

0.55 3.22

Total world

95.42 95.67 96.28 97.72 98.08 96.94

1.53 1.60

Previous estimate

95.35 95.59 96.21 97.49 97.91 96.80

1.45 1.52

Revision

0.06 0.09 0.07 0.23 0.16 0.14

0.07 0.08

Source: OPEC Secretariat.

Change 2017/16

Totals may not add up due to independent rounding.

Note: * 2017 = Estimate.