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World Oil Demand

OPEC Monthly Oil Market Report – November 2017

31

Table 4 - 2: World oil demand in 2018*, mb/d

OECD

Based on the latest available data,

OECD oil demand growth

was revised marginally down by 10 tb/d in

2017. At the same time, the historical base line for 2016 was adjusted higher by 63 tb/d in 2016, also

accounting for up-to-date data.

OECD America

oil demand data implied slower-than-expected oil demand growth in all countries in the

region, namely the US, Canada and Mexico. As such, 3Q17 data was adjusted lower by 50 tb/d.

The

OECD Europe

oil demand estimate was also adjusted lower in 3Q17 by 30 tb/d, mainly to adjust for

slower-than-expected demand during the month of August. For 2018, oil demand growth projections were

adjusted higher by 10 tb/d as compared to last month’s assessment, in line with the most recent economic

outlook for Europe.

On the other hand, oil demand projections for the

OECD Asia Pacific

region were revised higher – by

70 tb/d in 3Q17 and 50 tb/d in the 4Q17, reflecting continuous positive momentum from South Korea and the

new emerging demand from Australia. For 2018, oil demand growth estimations were adjusted higher by

10 tb/d as compared to last month’s assessment, to reflect the better economic outlook in Japan.

2017 1Q18 2Q18 3Q18 4Q18 2018 Growth

%

Americas

24.99 24.79 25.22 25.48 25.27 25.19

0.20 0.82

of which US

20.24 20.07 20.52 20.66 20.44 20.42

0.18 0.90

Europe

14.20 13.95 14.24 14.60 14.35 14.28

0.08 0.57

Asia Pacific

8.16 8.60 7.72 7.89 8.39 8.15

0.00 -0.06

Total OECD

47.34 47.34 47.18 47.97 48.01 47.63

0.28 0.59

Other Asia

13.13 13.22 13.68 13.27 13.83 13.50

0.36 2.78

of which India

4.47 4.66 4.67 4.32 4.97 4.65

0.19 4.22

Latin America

6.52 6.36 6.59 6.91 6.55 6.60

0.09 1.30

Middle East

8.07 8.20 7.99 8.51 7.95 8.16

0.10 1.18

Africa

4.21 4.39 4.32 4.27 4.40 4.34

0.14 3.23

Total DCs

31.93 32.16 32.58 32.95 32.73 32.61

0.68 2.13

FSU

4.69 4.65 4.51 4.88 5.20 4.81

0.12 2.45

Other Europe

0.72 0.73 0.69 0.73 0.82 0.74

0.03 3.48

China

12.26 12.28 12.81 12.71 12.87 12.67

0.41 3.34

Total "Other regions"

17.67 17.65 18.01 18.32 18.89 18.22

0.55 3.11

Total world

96.94 97.15 97.77 99.24 99.63 98.45

1.51 1.56

Previous estimate

96.80 96.93 97.57 98.88 99.34 98.19

1.38 1.43

Revision

0.14 0.22 0.20 0.36 0.29 0.27

0.13 0.13

Source: OPEC Secretariat.

Totals may not add up due to independent rounding.

Change 2018/17

Note: * 2018 = Forecast.