OPEC Monthly Oil Market Reports

January 2018 OPEC Report Highlight

OPEC Reference Basket averaged $62.06/b in December, its highest since June 2015. 
World economic growth forecast remains at 3.7% for both 2017 and 2018.
World oil demand is projected to grow at around 1.57 mb/d, averaging 96.99 mb/d for 2017.
Non-OPEC oil supply growth for 2017 now stands at 0.77 mb/d, For 2018, non-OPEC supply growth was revised up by 0.16 mb/d to now stand at 1.15 mb/d.

January 2018 OPEC Monthly Oil Market Report

December 2017 OPEC Report Highlight

OPEC Reference Basket averaged $60.74 in November, its highest since June 2015. 
World economic growth forecast remains at 3.7% for both 2017 and 2018.
World oil demand is projected to grow at around 1.53 mb/d in 2017, in line with last month’s forecast. 
Non-OPEC oil supply growth for 2017 now stands at 0.81 mb/d, representing an upward revision of 0.15 mb/d from the previous report. 

December 2017 OPEC Monthly Oil Market Report

November 2017 OPEC Report Highlight

OPEC Reference Basket averaged $55.50 in October, gaining $2.06 over the previous month and its highest value in more than two-and-a-half years.
World economic growth has been revised up for 2017 to 3.7% from 3.6%, while the growth forecast for 2018 has been adjusted higher to 3.7% from 3.5%.
World oil demand growth in 2017 is 
expected to rise by 1.53 mb/d, representing an upward revision of around 130 tb/d from last previous report.
Non-OPEC oil supply is expected to grow by 0.65 mb/d in 2017, following a downward revision of 0.02 m/bd from the previous report. In 2018.

November 2017 OPEC Monthly Oil Market Report

October 2017 OPEC Report Highlight

OPEC Reference Basket averaged $53.44 in September, its highest value since July 2015.
World economic growth has been revised up for 2017 to 3.6% from 3.5%, while the growth forecast for 2018 has been adjusted higher to 3.5% from 3.4%. 
World oil demand growth in 2017 is 
expected to rise by 1.5 mb/d, representing an upward revision of around 30 tb/d from last previous report.
Non-OPEC oil supply is expected to grow by 0.7 mb/d in 2017, following a downward revision of 0.1 m/bd from the previous report. In 2018,

October 2017 OPEC Monthly Oil Market Report

September 2017 OPEC Report Highlight

OPEC Reference Basket averaged $49.60/b in August, representing a gain of about 6%. Y-t-d, the Basket was almost 30.9% higher at $49.73/b. 
World economic growth has been revised up for 2017 to 3.5% from 3.4%, while the growth forecast for 2018 remains unchanged at 3.4%. 
World oil demand growth in 2017 is 
expected to rise by 1.42 mb/d after an upward revision of around 50 tb/d.
Non-OPEC oil supply is expected to grow by 0.78 mb/d in 2017, unchanged from the last month.

September 2017 OPEC Monthly Oil Market Report

August 2017 OPEC Report Highlight

OPEC Reference Basket averaged $46.93/b in July, representing a gain of about 4% m-o-m. Y-t-d, the Basket was almost 34% higher at $49.75/b. 
World economic in 2018 is forecast at 3.4%, the same level of growth forecast for 2017. 
World oil demand for 2017, oil demand growth is expected to be around 1.37 mb/d, broadly unchanged from previous month, to average 96.49 mb/d
Non-OPEC oil supply growth was revised marginally lower to 0.78 mb/d in 2017, averaging 57.77 mb/d

August 2017 OPEC Monthly Oil Market Report

July 2017 OPEC Report Highlight

OPEC Reference Basket declined 8.1% in June to $45.21/b
World economic in 2018 is forecast at 3.4%, the same level of growth forecast for 2017. 
World oil demand for 2017, oil demand growth is expected to be around 1.27 mb/d, broadly unchanged from previous month, to average 96.4 mb/d
Non-OPEC oil supply growth was revised marginally lower to 0.80 mb/d in 2017, averaging 57.82 mb/d

July 2017 OPEC Monthly Oil Market Report

June 2017 OPEC Report Highlight

OPEC Reference Basket fell 4.2% in May to average $49.2
World economic growth remains at 3.4% in 2017, compared to growth in 2016 of 3.1%.
World oil demand for 2017, oil demand growth is anticipated to be around 1.27 mb/d, total oil demand expected at 96.38 mb/d
Non-OPEC oil supply to grow by 0.84 mb/d, following a downward revision of 0.11 mb/d to average 58.14 mb/d. 

June 2017 OPEC Monthly Oil Market Report

May 2017 OPEC Report Highlight

OPEC Reference Basket rose 2.0% in April to average $51.34/b.
World economic growth remains at 3.3% in 2017, compared to growth in 2016 of 3.0%.
World oil demand for 2017, oil demand growth is anticipated to be around 1.27 mb/d, total oil demand expected at 96.38 mb/d
Non-OPEC oil supply to show growth of 0.95 mb/d, to average 58.3 mb/d.

May 2017 OPEC Monthly Oil Market Report

April 2017 Report Highlight

The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month.
World economic: in the 2017 forecast to now stand at 3.3% from 3.2% previously, while growth for 2016 remains at 3.0%.
World oil demand for 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 tb/d to average 96.32 mb/d
Non-OPEC oil supply is projected to grow by 0.58 mb/d, to average 57.89 mb/d

April 2017 OPEC Monthly Oil Market Report

March 2017 Report Highlight

The OPEC Reference Basket in February for the third consecutive month, ending up about 2% to average $53.37/b
World economic: Global economic growth expectations remain at 3.0% in 2016 and 3.2% in 2017. OECD growth in 2017 is unchanged at 1.9%.
World oil demand for 2017, oil demand growth is anticipated to be around 1.26 mb/d, higher by 70 tb/d from previous month projections, to average 96.31 mb/d
Non-OPEC oil supply is projected to grow by 0.40 mb/d, following an upward revision of 0.16 mb/d to average 57.74 mb/d

March 2017 OPEC Monthly Oil Market Report

February 2017 Report Highlight

The OPEC Reference Basket averaged $52.40/b in January, representing a gain of 73¢ over the previous month. 
World economic: Global economic growth expectations remain at 3.0% in 2016 and 3.2% in 2017. OECD growth in 2017 was revised up to 1.9%.
World oil demand growth in 2016 is expected to increase by 1.32 mb/d, following an upward adjustment of 70 tb/d to reflect continued better-than-expected consumption in OECD Europe and Asia Pacific. 
Non-OPEC oil supply growth in 2016 has been revised up by 50 tb/d to now show a contraction of 0.66 mb/d on higher-than-expected output in 4Q16. 

February 2017 OPEC Monthly Oil Market Report

January 2017 Report Highlight

The OPEC Reference Basket jumped nearly 20% in December to $51.67/b, ending above $50/b for the first time in 18 months.
World economic growth for 2016 and 2017 has been revised up by 0.1 percentage point to stand at 3.0% and 3.2%, respectively. 
World oil demand is expect to average 94.44 mb/d in 2016. In 2017, world oil demand is anticipated to rise by a solid 1.16 mb/d y-o-y to average 95.60 mb/d
Non-OPEC oil supply in 2016 is now expected to show a contraction of 0.71 mb/d and the US. In 2017, non-OPEC oil supply is projected to grow by 0.12 mb/d.

January 2017 OPEC Monthly Oil Market Report

December 2016 Report Highlight

The OPEC Reference Basket slipped slightly in October to $43.2/b, dropping by 10%. ICE Brent was down by 8.4% at $47.08/b and NYMEX WTI fell 8.4% to $45.76/b.
World economic growth was revised down to 2.9% for 2016 and remains at 3.1% for 2017.
World oil demand in 2016 is seen increasing by 1.24 mb/d to average 94.41 mb/d.
Non-OPEC oil supply in 2016 is now expected to contract by 0.78 mb/d, expected to average 56.50 mb/d in 2017.

December 2016 OPEC Monthly Oil Market Report

November 2016 Report Highlight

The OPEC Reference Basket slipped slightly in October to $47.87/b, rose by $4.98. ICE Brent ended up $4.15 at $51.39/b and NYMEX WTI increased $4.71 to $49.94/b.
World economic growth was revised down to 2.9% for 2016 and remains at 3.1% for 2017.
World oil demand in 2016 is seen increasing by 1.23 mb/d to average 94.40 mb/d.
Non-OPEC oil supply in 2016 is now expected to contract by 0.78 mb/d, following a downward revision of around 70 tb/d from the September MOMR to average 56.20 mb/d.

November 2016 OPEC Monthly Oil Market Report

October 2016 Report Highlight

The OPEC Reference Basket slipped slightly in September to $42.89/b, down 21¢. ICE Brent ended up 8¢ at $47.24/b and NYMEX WTI increased 43¢ to $45.23/b.
World economic growth was revised down to 2.9% for 2016 and remains at 3.1% for 2017.
World oil demand in 2016 is seen increasing by 1.24 mb/d to average 94.40 mb/d.
Non-OPEC oil supply in 2016 is now expected to contract by 0.68 mb/d, following a downward revision of around 70 tb/d from the September MOMR to average 56.30 mb/d.

October 2016 OPEC Monthly Oil Market Report

September 2016 Report Highlight

The OPEC Reference Basket rose 42¢ to $43.10/b in August. ICE Brent ended up 62¢ at $47.16/b, while NYMEX WTI was unchanged at $44.80/b.
World economic growth was revised down to 2.9% for 2016 and remains at 3.1% for 2017.
World oil demand growth in 2016 is now anticipated to increase by 1.23 mb/d after a marginal upward revision, mainly to reflect better-than-expected OECD data for the first half of the year.
Non-OPEC oil supply in 2016 is now expected to contract by 0.61 mb/d, following an upward revision of 0.18 mb/d from the August MOMR to average 56.32 mb/d.

September 2016 OPEC Monthly Oil Market Report

August 2016 Report Highlight

Crude Oil Price Movements: The OPEC Reference Basket averaged $42.68/b in July, representing the first decline in five months.
World Economy: World economic growth remains unchanged at 3.0% for 2016 and 3.1% for 2017. Weak first half GDP growth in the US caused a downward revision in the 2016 growth forecast to 1.7%, while the 2017 forecast remains at 2.1%.
World Oil Demand: World oil demand growth in 2016 is expected to average 1.22 mb/d, some 30 tb/d higher than last month.
World Oil Supply: Non-OPEC oil supply is expected to contract by 0.79 mb/d in 2016, following an upward revision of 90 tb/d since the previous report, driven by higher-than-expected output in 2Q16 in the US and UK.

August 2016 OPEC Monthly Oil Market Report

July 2016 Report Highlight

Crude Oil Price Movements: The OPEC Reference Basket increased by $2.63 to average $45.84/b in June.
World Economy: World economic growth for this year was revised down to 3.0% from 3.1%,
World Oil Demand: World oil demand growth in 2016 is expected to be around 1.2 mb/d,
World Oil Supply: Non-OPEC oil supply in 2016 is forecast to show a stronger contraction of 0.9 mb/d,

The outlook for the oil market in 2017
Global economic growth in 2017 is forecast at 3.1%, only slightly higher than this year’s growth level, which has been revised down to 3.0%. Following preliminary consideration of the potential effects of the UK’s referendum vote on leaving the EU, OECD growth is forecast to slow to 1.7% in the coming year from a downwardly-revised 1.8% in 2016. US growth is forecast to only slightly appreciate to 2.1% from 2.0% in 2016, while the Euro-zone is now forecast to slow to 1.2% from downwardly-adjusted 1.5% in the current year.

July 2016 OPEC Monthly Oil Market Report

OPEC Monthly Oil Market Report

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2015     12     11     10     9

OPEC Annual Statistical Bulletin