Table of Contents Table of Contents
Previous Page  89 / 103 Next Page
Information
Show Menu
Previous Page 89 / 103 Next Page
Page Background

Balance of Supply and Demand

OPEC Monthly Oil Market Report – November 2017

81

Balance of Supply and Demand

OPEC crude in 2017 is estimated at 33.0 mb/d, which is 0.7 mb/d higher than the 2016 level. In 2018,

demand for OPEC crude is projected at 33.4 mb/d, about 0.5 mb/d higher than the 2017 level. The second

half of 2018 is expected to show more than 34.0 mb/d of required OPEC production.

Balance of supply and demand in 2017

OPEC crude

for

2017

was revised up by 0.2 mb/d

from the previous report to now stand at 33.0 mb/d,

representing an increase of 0.7 mb/d over the 2016

level.

Within the quarters, the first and second quarters

were revised up by 0.1 mb/d respectively, while the

third and fourth quarters were adjusted 0.2 mb/d

higher.

As a result, compared to the same quarter last

year, the first and the second quarters increased by

1.0 mb/d and 0.8 mb/d, respectively, while the third

and fourth quarters are estimated to grow by

0.5 mb/d each.

Graph 10 - 1: Balance of supply and demand,

2017-2018*

Table 10 - 1: Supply/demand balance for 2017*, mb/d

28

29

30

31

32

33

34

35

28

29

30

31

32

33

34

35

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

mb/d

mb/d

OPEC crude production

OPEC crude estimate

Note: * 2017 = Estimate and 2018 = Forecast.

Source: OPEC Secretariat.

Change

2016 1Q17 2Q17 3Q17 4Q17 2017 2017/16

(a) World oil demand

95.42 95.67 96.28 97.72 98.08 96.94 1.53

Non-OPEC supply

57.02 57.87 57.28 57.34 58.20 57.67 0.65

OPEC NGLs and non-conventionals

6.14 6.20 6.26 6.35 6.42 6.31 0.17

(b) Total non-OPEC supply and OPEC NGLs 63.16 64.07 63.54 63.69 64.61 63.98 0.82

Difference (a-b)

32.26 31.60 32.74 34.03 33.46 32.96 0.71

OPEC crude oil production

32.64 32.11 32.27 32.73

Balance

0.39 0.51 -0.47 -1.30

Note: * 2017 = Estimate.

Totals may not add up due to independent rounding.

Source: OPEC Secretariat.