Balance of Supply and Demand - April 2017

Source: OPEC_RP170412 4/12/2017, Location: Europe

Demand for OPEC crude in 2016 stood at 31.7 mb/d, which is 1.9 mb/d higher than 2015 levels. In 2017, the demand for OPEC crude is projected to reach 32.2 mb/d, around 0.6 mb/d higher than the previous year.

Balance of supply and demand in 2016
Demand for OPEC crude in 2016 stood at 31.7 mb/d, unchanged from the previous report and representing an increase of 1.9 mb/d from 2015 levels. Within the quarters, the first three quarters remained unchanged, while the fourth quarter was revised up by 0.1 mb/d. Comparing to the same quarters of last year, the first and second quarters increased by 1.3 mb/d and 2.5 mb/d, respectively, while the third and the fourth quarters grew by 2.2 mb/d and 1.7 mb/d, respectively.

Balance of supply and demand in 2017
Demand for OPEC crude in 2017 was revised down by 0.1 mb/d from the previous month. This downward adjustment came mainly from an upward revision in non-OPEC supply, as world oil demand remained unchanged. Within the quarters, the first quarter was revised up by 0.1 mb/d, while both the second and fourth quarters were revised down by 0.2 mb/d. The third quarter was revised down by 0.3 mb/d. Demand for OPEC crude is projected to increase this year by 0.6 mb/d to average 32.2 mb/d. Comparing to the same quarters of last year, the first and second quarters are expected to increase by 1.5 mb/d and 0.2 mb/d, respectively, while the third and fourth quarters are projected to increase by 0.1 mb/d and 0.4 mb/d, respectively.


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