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OPEC Monthly Oil Market Report – June 2016
Table 10.3: World oil demand and supply balance, mb/d
2012 2013 2014 1Q15 2Q15 3Q15 4Q15 2015 1Q16 2Q16 3Q16 4Q16 2016
World demand
OECD
45.9 46.0 45.7 46.4 45.4 46.5 46.3 46.2 46.5 45.6 46.8 46.5 46.4
Americas
23.6 24.1 24.1 24.2 24.1 24.8 24.4 24.4 24.4 24.4 25.1 24.6 24.6
Europe
13.8 13.6 13.5 13.5 13.6 14.1 13.7 13.7 13.5 13.6 14.1 13.7 13.7
Asia Pacific
8.5 8.3 8.1 8.7 7.7 7.6 8.3 8.1 8.6 7.6 7.5 8.2 8.0
DCs
28.4 29.2 30.0 29.9 30.6 31.4 30.8 30.7 30.7 31.3 32.0 31.4 31.4
FSU
4.4 4.5 4.6 4.5 4.3 4.7 5.0 4.6 4.5 4.4 4.7 5.0 4.7
Other Europe
0.6 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.6 0.7 0.8 0.7
China
9.7 10.1 10.5 10.4 11.1 10.7 11.1 10.8 10.7 11.3 11.0 11.4 11.1
(a) Total world demand
89.1 90.5 91.4 91.9 92.0 93.9 94.0 93.0 93.1 93.3 95.2 95.2 94.2
Non-OPEC supply
OECD
21.1 22.2 24.2 25.2 24.9 25.3 25.5 25.2 25.3 24.4 24.4 24.7 24.7
Americas
16.7 18.2 20.1 21.0 20.7 21.1 21.2 21.0 21.0 20.2 20.4 20.5 20.5
Europe
3.8 3.6 3.6 3.7 3.8 3.7 3.9 3.8 3.9 3.7 3.6 3.7 3.7
Asia Pacific
0.6 0.5 0.5 0.4 0.4 0.5 0.5 0.5 0.4 0.4 0.5 0.4 0.4
DCs
11.0 11.1 11.3 11.6 11.5 11.4 11.5 11.5 11.3 11.2 11.4 11.6 11.4
FSU
13.4 13.6 13.5 13.8 13.7 13.6 13.7 13.7 14.0 13.7 13.6 13.7 13.8
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
4.2 4.2 4.3 4.3 4.4 4.4 4.4 4.4 4.2 4.2 4.2 4.3 4.2
Processing gains
2.1 2.1 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
51.9 53.4 55.7 57.2 56.8 57.1 57.5 57.1 57.1 55.8 56.0 56.7 56.4
OPEC NGLs +
non-conventional oils
5.7 5.8 6.0 6.0 6.2 6.2 6.2 6.1 6.2 6.3 6.3 6.3 6.3
(b) Total non-OPEC supply
and OPEC NGLs
57.6 59.2 61.7 63.2 62.9 63.3 63.7 63.3 63.4 62.1 62.3 63.0 62.7
OPEC crude oil production
(secondary sources)
32.0 31.0 30.8 31.1 31.9 32.2 32.3 31.9 32.3
Total supply
89.6 90.2 92.5 94.2 94.9 95.5 95.9 95.1 95.7
Balance (stock change and
miscellaneous)
0.5 -0.3 1.0 2.3 2.9 1.6 1.9 2.2 2.6
OECD closing stock levels (mb)
Commercial
2,683 2,589 2,738 2,814 2,907 2,982 3,015 3,015 3,044
SPR
1,547 1,584 1,580 1,583 1,585 1,579 1,587 1,587 1,592
Total
4,230 4,174 4,318 4,397 4,492 4,561 4,602 4,602 4,636
Oil-on-water
879 909 924 864 916 924 1,017 1,017 1,055
Days of forward consumption in OECD
Commercial onland stocks
58.3 56.6 59.3 62.0 62.5 64.4 64.8 65.0 66.7
SPR
33.6 34.7 34.2 34.9 34.1 34.1 34.1 34.2 34.9
Total
91.9 91.3 93.5 96.8 96.5 98.4 98.9 99.3 101.6
Memo items
FSU net exports
8.9 9.0 8.9 9.3 9.4 8.9 8.7 9.1 9.5 9.4 8.9 8.7 9.1
(a) - (b)
31.5 31.3 29.8 28.8 29.1 30.6 30.3 29.7 29.7 31.2 32.9 32.2 31.5
Note: Totals may not add up due to independent rounding.
Source: OPEC Secretariat.