Table of Contents Table of Contents
Previous Page  63 / 103 Next Page
Information
Show Menu
Previous Page 63 / 103 Next Page
Page Background

World Oil Supply

OPEC Monthly Oil Market Report – November 2017

55

China

China’s oil supply

increased by 0.02 mb/d in

September to 3.93 mb/d, including 3.78 mb/d of

crude oil, according to data released by the

Chinese National Bureau of Statistics. Average

crude oil production for the first 9 months of 2017

declined by 0.11 mb/d compared with the same

period a year earlier. Upstream investments in oil

and gas projects have not seen sustained

improvements so far this year, according to the

latest report issued in July by the Ministry of Land

and Resources. In 2016, approximately $30 billion

was spent on exploration and development of oil

and gas in China.

Chinese oil output was revised up by 0.01 mb/d in

2017, following higher-than-expected production

and is now forecast to decline by roughly 0.11 mb/d

in 2017. The forecast for 2018 was also revised up

by 0.02 mb/d to average 3.83 mb/d, showing a

y-o-y contraction of 0.15 mb/d.

Graph 5 - 25: China liquids supply quarterly

forecast, 2016-2018

OPEC NGLs and non-conventional oils

The forecast for

OPEC NGLs and non-conventional liquids

in 2017 was unchanged from the previous

assessment, averaging 6.31 mb/d and representing growth of 0.17 mb/d.

In 2018, due to a number of planned projects, growth of 0.18 mb/d y-o-y is anticipated, with average output

at 6.49 mb/d. These projects are expected to be mainly in IR Iran and Saudi Arabia.

Table 5 - 8: OPEC NGLs + non-conventional oils, 2015-2018*, mb/d

-229

-103

-75

-50

-122

-214

-134

-147

-250

-200

-150

-100

-50

0

3,700

3,800

3,900

4,000

4,100

4,200

4,300

1Q 2Q 3Q 4Q

2017/16 (RHS)

2018/17 (RHS)

2016

2017*

2018*

Note: * 2017 = Estimate and 2018 = Forecast.

Source: OPEC Secretariat.

Y-o-y change (tb/d)

Production (tb/d)

Change

Change

Change

2015 2016

16/15 1Q17 2Q17 3Q17 4Q17 2017

17/16 2018 18/17

Total OPEC 6.04 6.14

0.10 6.20 6.26 6.35 6.42

6.31

0.17

6.49

0.18

Note: * 2017 = Estimate and 2018 = Forecast.

Source: OPEC Secretariat.