In 2018, world oil demand is anticipated to grow by 1.4 mb/d, following an upward adjustment of 30 tb/d over the previous projection, due to the improving economic outlook in the world economy, particularly China and Russia, according to OPEC Monthly Oil Market Report, MOMR, for October.
''World oil demand growth in 2017 is now expected to increase by 1.5 mb/d, representing an upward revision of around 30 tb/d from last previous report, mainly reflecting recent data showing an improvement in economic activities. Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China, the MOMR noted.
According to the latest data, August 2017 Chinese oil demand registered growth of around 0.34 mb/d y-o-y with total demand pegged at 11.5 mb/d. Increasing LPG requirements for the petrochemical industry in combination with rising jet fuel and gasoline consumption in the transportation sector saw most of the gains.
LPG demand growth exceeded 0.11 mb/d y-o-y with total consumption recording 1.64 mb/d as propane dehydrogenations capacities,PDH, continue to expand. Chinese PDH capacity is projected to reach 3 million tonnes per year (mt/y) in 2017.
''World oil supply in September was revised up by 0.41 mb/d m-o-m from the previous MOMR to average 96.50 mb/d, representing an increase of 1.08 mb/d y-o-y,'' the report indicated.
''Non-OPEC oil supply in September was up by 0.31 mb/d m-o-m to average 57.65 mb/d and is now projected to grow by 0.68 mb/d y-o-y in 2017 to average 57.69 mb/d, representing a downward revision of 0.10 mb/d from last month’s report.'' The report said that the non-OPEC oil supply forecast in 2018 was also revised downward by 0.06 mb/d to average 58.64 mb/d, indicating growth of 0.94 mb/d y-o-y.
''OPEC NGLs and non-conventional liquids production averaged 6.31 mb/d in 2017, an increase of 0.17 mb/d y-o-y. In 2018, production is forecast to grow by 0.18 mb/d to average 6.49 mb/d.''
GMT 13:35 2018 Sunday ,09 December
OPEC+ deal to ensure stability of oil price, that is positive for RussiaGMT 17:32 2018 Friday ,16 November
OPEC Basket Price Stood, at over $65.2, on ThursdayGMT 14:10 2018 Monday ,22 October
Saudi energy minister speaks to TASS on OPEC+, oil pricesGMT 22:44 2018 Friday ,14 September
OPEC daily basket price stood at $76.46 a barrel Thursday, 13 Sep 2018GMT 10:29 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor