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Oil market developments


World oil demand in 2016

s the initial

Secretariat outlook highlighted back

in July 2015, world oil demand growth for 2016

stood at 1.38 million barrels per day (mb/d), al-

beit with significant differences in regional growth

data compared with initial projections. Improve-

ments in the general direction of the economy and

the low oil price environment supported upward re-

visions to OECD oil demand, particularly in Europe

and the Asia Pacific region.

These developments were, however, offset by

sluggish demand in main non-OECD hubs, such as

Latin America and the Middle East, as a result of

weaker economic growth, fuel substitution and par-

tial subsidy removal on oil product usage. Growth

in non-OECD Asian oil demand, notably India and

China, remained robust and above the historical


From a global perspective, oil usage in the

road transportation and petrochemical sectors

dominated overall gains.

Gasoline, automotive diesel, as well as liq-

uefied petroleum gas (LPG) and naphtha require-

ments led the growth, despite diverse regional


Oil market developments