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Balance of Supply and Demand - November 2017

Source: OPEC_RP171112 11/13/2017, Location: Europe

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OPEC crude in 2017 is estimated at 33.0 mb/d, which is 0.7 mb/d higher than the 2016 level. In 2018, demand for OPEC crude is projected at 33.4 mb/d, about 0.5 mb/d higher than the 2017 level. The second half of 2018 is expected to show more than 34.0 mb/d of required OPEC production.

Balance of supply and demand in 2017
OPEC crude for 2017 was revised up by 0.2 mb/d from the previous report to now stand at 33.0 mb/d, representing an increase of 0.7 mb/d over the 2016 level.

Within the quarters, the first and second quarters were revised up by 0.1 mb/d respectively, while the third and fourth quarters were adjusted 0.2 mb/d higher.

As a result, compared to the same quarter lastyear, the first and the second quarters increased by 1.0 mb/d and 0.8 mb/d, respectively, while the third and fourth quarters are estimated to grow by 0.5 mb/d each.

Balance of supply and demand in 2018
OPEC crude for 2018 was also revised up by 0.4 mb/d from the previous report to stand at 33.4 mb/d, around 0.5 mb/d higher than the 2017 level.

All the quarters were revised up by nearly 0.4 mb/d versus last month.

As a result, compared to the same quarter this year, the first quarter of 2018 is projected to increase by 0.7 mb/d, while the second and the third quarters are expected to increase by 0.2 mb/d and 0.3 mb/d, respectively. The fourth quarter is projected to grow by 0.6 mb/d compared to the same quarter of 2017.

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