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World oil demand growth in 2017 stands at 1.37 mb/d

World oil demand growth in 2017 now stands at 1.37 mb/d following an upward revision of 100 tb/d due to the better-than-expected performance from the OECD region in the 2Q17, according to the OPEC Monthly Oil Market Report. Demand for OPEC crude in 2017 is estimated to stand at 32.4 mb/d, some 0.4 mb/d higher than the 2016 level. In 2018, demand for OPEC crude is forecast at 32.4 mb/d, at the same level as in 2017. 

"The total oil demand is now pegged at 96.5 mb/d. In 2018, world oil demand is projected to grow by 1.28 mb/d from 2017 levels, marginally higher than last month’s reports. This means that the total oil consumption is anticipated to hit a new record high of 97.8 mb/d in 2018," the report stated. 

"The outlook for the oil demand of the Middle East remains positive with risks generally skewed to the upside. Some factors that may curb oil demand in the region during 2017 are domestic petroleum product retail prices, fuel substitution, as well as the economic development in the region’s main oil consumers. For 2017, the Middle East oil demand is forecast to grow by 110 tb/d, while the oil demand in 2018 is projected to increase by 100 tb/d," the report noted. 

A strong oil demand has been observed in Iraq in the first six months of 2017. The demand for all the main petroleum product categories was solid, notably for crude direct use, gasoline, diesel oil, jet/kerosene and residual fuel oil. 

Based on the latest available data, the oil demand growth in the OECD region in 2017 has been revised higher by 77 tb/d. The better-than-expected data for the 2Q in all OECD regions, but primarily OECD America, is the major reason for this upward revision. 

The OECD America oil demand data showed firm development during May with gains above 0.8 mb/d year-over-year supporting the upward revision of 200 tb/d in the 2Q17. Transportation fuels were the key products for the region’s growth, with gasoline and jet fuel rising considerably. 

This development has also raised expectations for the 3Q17 as transportation fuels are expected to gain further upside momentum during the summer season. This has led to an upward revision of 50 tb/d in the 3Q17 

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