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Appendix

84

OPEC Monthly Oil Market Report – November 2017

Table 11 - 1: World oil demand and supply balance, mb/d

2014 2015 2016 1Q17 2Q17 3Q17 4Q17 2017 1Q18 2Q18 3Q18 4Q18 2018

World demand

OECD

45.8 46.4 46.9 47.1 46.9 47.7 47.7 47.3 47.3 47.2 48.0 48.0 47.6

Americas

24.2 24.6 24.7 24.6 25.0 25.3 25.0 25.0 24.8 25.2 25.5 25.3 25.2

Europe

13.5 13.8 14.0 13.8 14.2 14.5 14.3 14.2 14.0 14.2 14.6 14.3 14.3

Asia Pacific

8.1 8.1 8.1 8.6 7.7 7.9 8.4 8.2 8.6 7.7 7.9 8.4 8.2

DCs

30.1 30.8 31.4 31.5 31.9 32.3 32.0 31.9 32.2 32.6 32.9 32.7 32.6

FSU

4.7 4.6 4.6 4.5 4.4 4.8 5.1 4.7 4.6 4.5 4.9 5.2 4.8

Other Europe

0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.7 0.7 0.7 0.8 0.7

China

10.8 11.5 11.8 11.9 12.4 12.3 12.5 12.3 12.3 12.8 12.7 12.9 12.7

(a) Total world demand

92.0 94.0 95.4 95.7 96.3 97.7 98.1 96.9 97.2 97.8 99.2 99.6 98.5

Non-OPEC supply

OECD

24.3 25.3 24.8 25.4 25.1 25.4 25.9 25.5 26.2 26.3 26.3 26.8 26.4

Americas

20.1 21.1 20.6 21.1 20.9 21.3 21.6 21.2 21.9 22.0 22.1 22.4 22.1

Europe

3.6 3.8 3.8 3.9 3.8 3.7 3.9 3.8 3.9 3.8 3.8 4.0 3.9

Asia Pacific

0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.4

DCs

11.8 12.1 11.9 12.0 11.9 11.9 12.1 12.0 12.0 12.0 12.1 12.0 12.0

FSU

13.5 13.7 13.9 14.1 13.9 13.8 13.9 13.9 13.9 13.9 13.8 14.0 13.9

Other Europe

0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

China

4.3 4.4 4.1 4.0 4.0 3.9 3.9 4.0 3.9 3.8 3.8 3.8 3.8

Processing gains

2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Total non-OPEC supply

56.2 57.7 57.0 57.9 57.3 57.3 58.2 57.7 58.4 58.4 58.4 59.0 58.5

OPEC NGLs +

non-conventional oils

5.9 6.0 6.1 6.2 6.3 6.3 6.4 6.3 6.4 6.5 6.5 6.5 6.5

(b) Total non-OPEC supply

and OPEC NGLs

62.1 63.8 63.2 64.1 63.5 63.7 64.6 64.0 64.9 64.8 64.9 65.5 65.0

OPEC crude oil production

(secondary sources)

30.5 31.7 32.6 32.1 32.3 32.7

Total supply

92.6 95.5 95.8 96.2 95.8 96.4

Balance (stock change and

miscellaneous)

0.6 1.5 0.4 0.5 -0.5 -1.3

OECD closing stock levels,

mb

Commercial

2,706 2,989 2,984 3,030 3,015 2,985

SPR

1,582 1,588 1,600 1,600 1,588 1,579

Total

4,288 4,577 4,584 4,629 4,603 4,563

Oil-on-water

924 1,017 1,102 1,043 1,052 997

Days of forward consumption in OECD,

days

Commercial onland stocks

58.3 63.7 63.0 64.6 63.2 62.6

SPR

34.1 33.9 33.8 34.1 33.3 33.1

Total

92.3 97.6 96.8 98.7 96.5 95.7

Memo items

(a) - (b)

29.9 30.2 32.3 31.6 32.7 34.0 33.5 33.0 32.3 32.9 34.4 34.1 33.4

Note: Totals may not add up due to independent rounding.

Source: OPEC Secretariat.