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Oil Supply and Demand OPEC Estimates And Projections

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.

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