OPEC MOMR August 2017
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World Oil Demand

34

OPEC Monthly Oil Market Report – August 2017

Non-OECD

Based on the latest available data,

oil demand growth in the non-OECD

region was revised higher by

around 25 tb/d in 2017. This is the result of an upward revision in China of 100 tb/d in 2Q, due to better than

expected demand in the country’s transportation and petrochemical sectors.

Other Asia

Graph 4 - 7: Other Asia oil demand, y-o-y change

Graph 4 - 8: Indian gasoline demand,

y-o-y change

India

In

India

, following strong oil demand growth at the beginning of the new financial year 2016/17 (April and

May 2017), June 2017 witnessed only a slight increase y-o-y. Gasoline demand grew to stand at 0.1 mb/d or

equivalent to 21.6% y-o-y in June 2017, in line with rising vehicle sales, the continuing low oil price

environment, as well as solid economic growth. The overall growth for the preceding 12 months was lower at

8.6%. LPG requirements in the residential, industrial and transportation sectors continued to be bullish in

June 2017, further positively influenced by subsidies. Gas diesel oil demand grew at 6.4% y-o-y, and was

once again mainly impacted by weather conditions, growing port traffic, as well as rising vehicle sales. This

growth was partly offset by declines in the industrial sector, but particularly in power generation. Fuel oil

demand for another month witnessed a decline, which was mainly the result of fuel substitution in the

industrial and fertilizer sectors. Moreover, naphtha demand also fell.

Table 4 - 5: Indian oil demand by main products, tb/d

0

200

400

600

800

1,000

0

200

400

600

800

1,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

tb/d

tb/d

Historical range

Historical average

2016

2017

Sources: National, Joint Organisations Data Initiative and

OPEC Secretariat.

-40

-20

0

20

40

60

80

100

120

140

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

tb/d

Sources: OPEC Secretariat, and Petroleum Planning and

Analysis Cell of India.

Jun 17

Jun 16

tb/d

%

LPG

800

594

205

34.5

Naphtha

292

332

-40

-12.0

Gasoline

672

552

119

21.6

Jet/kerosene

237

267

-31

-11.5

Diesel oil

1,732

1,627

104

6.4

Fuel oil

267

307

-40

-12.9

Other products

213

515

-302

-58.7

Total

4,212

4,196

17

0.4

Sources: JODI, Petroleum Planning and Analysis Cell of India and OPEC Secretariat.

Change 2017/2016