Balance of Supply and Demand - August 2017

Source: OPEC_RP170812 8/10/2017, Location: Europe

Demand for OPEC crude in 2017 is estimated at 32.4 mb/d, which is 0.4 mb/d higher than 2016 level. In 2018, the demand for OPEC crude is projected at 32.4 mb/d, almost at the same level as 2017.

Balance of supply and demand in 2017
Demand for OPEC crude for 2017 was revised up by 0.2 mb/d from the previous report driven mainly by the upward revision in demand. Within the quarters, the first quarter was revised down by 0.1 mb/d, while the second, third and fourth quarters were revised up by 0.4 mb/d, 0.1 mb/d and 0.2 mb/d, respectively. Demand for OPEC crude stood at 32.4 mb/d, representing an increase of 0.4 mb/d from 2016 level. The third and fourth quarter 2017 are expected to reach 33.4 mb/d and 33.0 mb/d respectively.

Compared to the same quarters of last year, the first and the second quarters increased by 0.9 mb/d and 0.2 mb/d, respectively. The third and fourth quarters are expected to grew by 0.2 mb/d and 0.4 mb/d, respectively.

Balance of supply and demand in 2018
Demand for OPEC crude for 2018 was revised up by 0.2 mb/d from the previous month. Within the quarters, the first quarter remained unchanged, while the second, third and fourth quarters were revised up by 0.4 mb/d, 0.1 mb/d and 0.3 mb/d, respectively. The demand for OPEC crude is projected at 32.4 mb/d, almost at the same level as 2017.

Compared to the same quarters in 2017, the first quarter is expected to increase by 0.4 mb/d, while all other quarters are projected to decline.


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