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Balance of Supply and Demand

82

OPEC Monthly Oil Market Report – November 2017

Balance of supply and demand in 2018

OPEC crude

for

2018

was also revised up by 0.4 mb/d from the previous report to stand at 33.4 mb/d,

around 0.5 mb/d higher than the 2017 level.

All the quarters were revised up by nearly 0.4 mb/d versus last month.

As a result, compared to the same quarter this year, the first quarter of 2018 is projected to increase by

0.7 mb/d, while the second and the third quarters are expected to increase by 0.2 mb/d and 0.3 mb/d,

respectively. The fourth quarter is projected to grow by 0.6 mb/d compared to the same quarter of 2017.

Table 10 - 2: Supply/demand balance for 2018*, mb/d

Change

2017 1Q18 2Q18 3Q18 4Q18 2018 2018/17

(a) World oil demand

96.94 97.15 97.77 99.24 99.63 98.45 1.51

Non-OPEC supply

57.67 58.42 58.38 58.37 59.00 58.54 0.87

OPEC NGLs and non-conventionals

6.31 6.44 6.47 6.50 6.53 6.49 0.18

(b) Total non-OPEC supply and OPEC NGLs 63.98 64.87 64.85 64.87 65.53 65.03 1.05

Difference (a-b)

32.96 32.29 32.92 34.37 34.10 33.42 0.46

Note: * 2018 = Forecast.

Totals may not add up due to independent rounding.

Source: OPEC Secretariat.