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Balance of Supply and Demand - May 2017

Source: OPEC_RP170512 5/11/2017, Location: Europe

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Demand for OPEC crude in 2016 stood at 31.8 mb/d, which is 2.0 mb/d higher than the 2015 level. In 2017, the demand for OPEC crude is projected at 31.9 mb/d, around 0.2 mb/d higher than last year.

Balance of supply and demand in 2016
Demand for OPEC crude in 2016 stood at 31.8 mb/d, which is 0.1 mb/d higher than in the previous report and 2.0 mb/d higher than the 2015 level. Within the quarters, the first two quarters were revised up by 0.1 mb/d, while the fourth was revised up by 0.2 mb/d. The third quarter remained unchanged.

Comparing to the same quarters of last year, the first and the second quarters increased by 1.4 mb/d and 2.5 mb/d, respectively, while the third quarter grew by 2.2 mb/d. The fourth quarter rose by 2.0 mb/d.

Balance of supply and demand in 2017
Demand for OPEC crude in 2017 was revised down by 0.3 mb/d from the previous month, mainly due to the upward revision in non-OPEC supply as world oil demand remained almost unchanged. Within the quarters, the first and the second quarters were revised down by 0.4 mb/d and 0.1 mb/d, respectively, while the third and the fourth quarters were revised down by 0.3 mb/d and 0.4 mb/d. Demand for OPEC crude this year is projected to increase by 0.2 mb/d to average 31.9 mb/d.

Comparing to the same quarters of last year, the first quarter is expected to increase by 1.0 mb/d, while both the third and the fourth quarters are projected to fall by 0.2 mb/d. The second quarter in 2017 is expected to remain flat.

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