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00-1 Oil Market Highlights
3

Oil Market Highlights
3

Crude Oil Price Movements
3

World Economy
3

World Oil Demand
3

World Oil Supply
3

Product Markets and Refining Operations
3

Tanker Market
3

Stock Movements
3

Balance of Supply and Demand
3

00-2 Feature Article
5

Feature Article
5

Recent developments in global oil inventories
5

00-3 Table of Contents
7

01 Crude Oil Price Movements
9

Crude Oil Price Movements
9

OPEC Reference Basket
9

The oil futures market
11

The futures market structure
12

The light sweet/medium sour crude spread
14

Impact of US dollar and inflation on oil prices
15

02 Commodity Markets
16

Commodity Markets
16

Trends in selected commodity markets
16

Investment flows into commodities
17

03 World Economy
19

World Economy
19

OECD
19

OECD Americas
19

US
19

Canada
21

OECD Asia Pacific
21

Japan
21

South Korea
23

OECD Europe
23

Euro-zone
23

UK
25

Non-OECD
26

BRICs
26

Brazil
26

Russia
27

India
28

China
30

OPEC Member Countries
33

Other Asia
36

Africa
36

Latin America
36

Transition region
37

04 World Oil Demand
38

World Oil Demand
38

World oil demand in 2017 and 2018
38

OECD
39

OECD Americas
40

US
40

Mexico
41

Canada
41

OECD Europe
41

OECD Asia Pacific
42

Japan
42

South Korea
43

Australia
43

Non-OECD
43

China
44

India
45

Other Asia
46

Taiwan
46

Indonesia
46

Middle East
46

Saudi Arabia
47

Iraq
47

Latin America
47

Brazil
48

Argentina
48

05 World Oil Supply
49

World Oil Supply
49

Monthly revisions on non-OPEC supply growth forecast
49

Non-OPEC oil supply highlights in 2017
50

Non-OPEC oil supply highlights in 2018
51

Non-OPEC oil supply in 2017 and 2018
53

OECD
53

OECD Americas
53

US
54

US oil rig count
55

Canada
57

Mexico
58

OECD Europe
58

Norway
59

UK
59

Developing Countries
60

Latin America
60

Brazil
61

FSU
61

Russia
62

Caspian
62

China
63

OPEC NGLs and non-conventional oils
63

OPEC crude oil production
64

World oil supply
65

06 Product Markets and Refinery Operations
66

Product Markets and Refinery Operations
66

Refinery margins
66

Refinery operations
67

Product markets
67

US market
67

European market
68

Asian market
68

07 Tanker Market
71

Tanker Market
71

Spot fixtures
71

Sailings and arrivals
71

Dirty tanker freight rates
72

VLCC
72

Suezmax
72

Aframax
73

Clean tanker freight rates
74

08 Oil Trade
75

Oil Trade
75

US
75

Japan
77

China
78

India
79

FSU
80

09 Stock Movements
82

Stock Movements
82

OECD
82

OECD Americas
83

OECD Europe
83

OECD Asia Pacific
83

EU plus Norway
84

US
84

Japan
86

China
87

Singapore and Amsterdam-Rotterdam-Antwerp (ARA)
88

Singapore
88

Amsterdam-Rotterdam-Antwerp (ARA)
88

10 Balance of Supply and Demand
89

Balance of Supply and Demand
89

Balance of supply and demand in 2017
89

Balance of supply and demand in 2018
90

11 Appendix
91

Appendix
91

12 Glossary of Terms
97

Glossary of Terms
97

Abbreviations
97

Acronyms
98

13 Contributors to the OPEC Monthly Oil Market Report
100

Contributors to the OPEC Monthly Oil Market Report
100

Editor-in-Chief
100

Editor
100

Analysts
100

Statistical services
100

Editing, production, design and circulation
100