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Balance of Supply and Demand – March 2017

Source: OPEC_RP170312 3/14/2017, Location: Europe

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Estimate for 2016
Demand for OPEC crude for 2016 stood at 31.6 mb/d, representing an increase of 1.9 mb/d from last year’s level. This upward revision came from the upward adjustment in the historical baseline for world oil demand. Within the quarters, the first and the second quarters were revised up by 0.4 mb/d and 0.2 mb/d, respectively, while the third and the fourth quarters were revised up by 0.2 mb/d and 0.4 mb/d, respectively. Comparing to the same quarters of last year, the first and the second quarters increased by 1.3 mb/d and 2.4 mb/d, respectively, while the third and the fourth quarters grew by 2.2 mb/d and 1.7 mb/d, respectively.

Forecast for 2017
Demand for OPEC crude in 2017 was revised up by 0.2 mb/d from the previous month. Within the quarters, the first and the second quarters were revised up by 0.4 mb/d and 0.2 mb/d, respectively, while both the third and fourth quarters were revised up by 0.1 mb/d. The demand for OPEC crude this year is projected to increase by 0.7 mb/d to average 32.4 mb/d. Comparing to the same quarters of last year, the first and second quarters are expected to increase by 1.4 mb/d and 0.3 mb/d, respectively, while the third and the fourth quarters are projected to increase by 0.4 mb/d and 0.7 mb/d, respectively.

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