Highlights from the February 2018 OPEC monthly report 12 February 2018

  • OPEC Crude Oil Production In January Decreased By 8 kbd To An Average Of 32.30 mbd – Secondary Sources.
  • Saudi Arabia Crude Oil Production In January Increased By 3kbd To 9.983 mbd
  • Global Oil Supply Increased By 0.35 mbd To Average 97.66 mbd In January
  • Global Oil Demand Is Expected To Rise By 1.6mpd In 2017 Up 3 kbd From Last Month’s Forecast.
  • 2018 World Oil Demand Is Expected To Reach 98.6 mbd – Up 60 kbd From December Owing To Improving Global Economic Outlook
  •  2017 Demand For OPEC Crude Seen At 32.8 mbd And 2018 Demand In Seen At 32.9 mbd
  • For 2018, Non-OPEC Oil Supply Is Revised Up 0.32 mbd To 59.26 mbd. This Is Driven By Higher Supply Numbers In The Us
  • US Crude Oil Imports Increased By 286 kbd In December To Average 8 mbd, The Highest Level Since May 2017
  • The OPEC Reference Basket Rose For The Fifth Consecutive Month To $66.85/B
  • Year-To-Date, The Basket Was 27.6% Higher
Ryan Littlestone

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