1. Global oil demand, supply, oil market balance and required amounts of OPEC crude.
2. World oil Demand
World oil demand growth in 2016 is expected to average 1.22 mb/d. For 2017, world oil demand is forecast to grow by 1.15 mb/d. While the OECD will contribute positively to oil demand growth adding some 0.10 mb/d, the bulk of the growth in 2017 will originate from the non-OECD with 1.05 mb/d.
World Oil Supply
World Oil Supply Non-OPEC oil supply is expected to contract by 0.79 mb/d in 2016 driven by higher-than-expected output in 2Q16 in the US and UK. In 2017, non-OPEC supply is expected to decline by 0.15 mb/d, following a downward revision of 40 tb/d. OPEC NGL production is forecast to grow by 0.16 mb/d and 0.15 mb/d in 2016 and 2017, respectively. In July, OPEC production increased by 46 tb/d to average 33.11 mb/d, according to secondary sources.