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Balance of Supply and Demand - December 2016

Source: OPEC_RP161212 12/14/2016, Location: Europe

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Demand for OPEC crude in 2016 was unchanged from the previous month to stand at 31.9 mb/d, which is 1.9 mb/d higher than 2015. In 2017, the demand for OPEC crude is projected at 32.6 mb/d, around 0.1 mb/d lower than in the last assessment and 0.7 mb/d higher than this year.

Estimate for 2016
Demand for OPEC crude for 2016 was unchanged from the previous MOMR to stand at 31.9 mb/d, representing an increase of 1.9 mb/d from last year level. Within the quarters, the third quarter was revised up by 0.1 mb/d, while the other quarters remained broadly unchanged. 1Q16 and 2Q16 rose by 1.2 mb/d and 2.4 mb/d, respectively, versus the same quarters last year; 3Q16 and 4Q16 are estimated to show growth of 2.1 mb/d and 1.7 mb/d, respectively.

Forecast for 2017
For 2017, demand for OPEC crude was revised down by 0.1 mb/d from the previous MOMR and is projected to increase by 0.7 mb/d, to average 32.6 mb/d. Within the quarters, 2Q17 was revised down by 0.1 mb/d, while the other quarters remained unchanged. 1Q17 and 2Q17 are expected to increase by 1.3 mb/d and 0.2 mb/d, respectively; 3Q17 and 4Q17 are projected to increase by 0.7 mb/d and 0.6 mb/d, respectively, versus the same quarters this year.

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