Balance of Supply and Demand - August 2016

Source: OPEC_RP160812 8/10/2016, Location: Europe

Demand for OPEC crude in 2016 remains unchanged from the previous report to stand at 31.9 mb/d, which is 1.9 mb/d higher than the 2015 level. In 2017, the demand for OPEC crude is projected at 33.0 mb/d, in line with last month’s MOMR and 1.2 mb/d higher than this year.

Forecast for 2016
Demand for OPEC crude for 2016 remains unchanged from the previous month to stand at 31.9 mb/d, representing an increase of 1.9 mb/d from last year’s level. Within the quarters, 2Q16 and 4Q16 remained unchanged, while 1Q16 was revised up by 0.1 mb/d. In contrast, 3Q16 was revised down by 0.1 mb/d. 1Q16 and 2Q16 rose by 1.0 mb/d and 2.3 mb/d, respectively, versus the same quarters last year; while 3Q16 and 4Q16 are estimated to show growth of 2.1 mb/d and 2.0 mb/d, respectively.

Forecast for 2017
Demand for OPEC crude for 2017 remained unchanged from the previous report and is projected to increase by 1.2 mb/d to average 33.0 mb/d. Within the quarters, both the 2Q17 and 3Q17 were revised up by 0.1 mb/d, while 4Q17 was revised down by 0.1 mb/d and 1Q17 remained unchanged from the previous report. 1Q17 and 2Q17 are expected to increase by 1.8 mb/d and 0.8 mb/d, respectively, while 3Q17 and 4Q17 are projected to increase by 1.3 mb/d and 0.7 mb/d, respectively, versus the same quarters this year.


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