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World Oil Demand

32

OPEC Monthly Oil Market Report – November 2017

OECD Americas

Graph 4 - 1: OECD Americas oil demand,

y-o-y change

Graph 4 - 2: US gasoline demand,

y-o-y change

US

The latest

US

monthly data for August 2017 implied a strong downward revision of around 0.6 mb/d, as

compared to previously available preliminary weekly data. Monthly August data showed a reversal to

negative territory for implied y-o-y growth by around 0.1 mb/d, or 0.2 %, for the first time since February

2017. This decline followed months of solid increases in oil requirements throughout 2Q17 and in July 2017.

August 2017 oil demand was divergent, in terms of petroleum product categories. Requirements for

transportation fuels – especially gasoline and jet/kerosene – grew solidly y-o-y, in line with the continuing low

fuel price environment, increasing fleet traffic, as well as the overall healthily growing economy. During the

same month, diesel oil requirements were also bullish, primarily as a result of healthy industrial activities, as

compared to the same month in 2016.

However, petrochemical activities slowed down dramatically as a result of severe weather conditions in the

Gulf Coast region. Consequently, demand for LPG and ethane as feedstock to the petrochemical industry fell

sharply y-o-y and more than offset gains in the demand of other petroleum product categories.

Available data for ten months in 2017 – monthly data until August and preliminary weekly data for September

and October – shows US oil demand growing by around 0.2 mb/d, with gas/diesel oil, jet/kerosene and

gasoline taking the largest share in gains.

Table 4 - 3: US oil demand, tb/d

-1,500

-1,000

-500

0

500

1,000

1,500

-1,500

-1,000

-500

0

500

1,000

1,500

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.

-300

-200

-100

0

100

200

300

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

tb/d

Source: US Energy Information Administration.

Aug 17

Aug 16

tb/d

%

LPG

2,145

2,308

-163

-7.1

Naphtha

217

213

4

1.9

Gasoline

9,770

9,701

69

0.7

Jet/kerosene

1,770

1,723

47

2.7

Diesel oil

3,992

3,880

112

2.9

Fuel oil

335

318

17

5.3

Other products

2,273

2,409

-135

-5.6

Total

20,502

20,552

-49

-0.2

Change 2017/2016

Sources: US Energy Information Administration and OPEC Secretariat.