March 2018 OPEC monthly report 14 March 2018

  • OPEC Crude Oil Production Fell 77 Kb/D, To Average 32.19 Mb/D, In Feb 2018 – Secondary Sources
  • Saudi Arabia Crude Oil Production In Feb Was 9.982Mb/D, Up 5.6Kb/D From Jan – Secondary Sources
  • Share Of OPEC Crude Oil In Total Global Production Was Down By 0.2 Pp At 32.8% In Feb
  • World Oil Supply In Feb 2018 Increased 0.37 Mb/D M/M, To Average 98.20 Mb/D, A Rise Of 1.66 Mb/D Y/Y
  • For 2018, Non-OPEC Supply Revised Up By 0.28 Mb/D, Putting Y/Y Growth At 1.66 Mb/D
  • World Oil Demand For 2018 Now Forecast At Around 1.60 Mb/D, To Average 98.63 Mb/D
  • In 2018, The Demand For OPEC Crude Is Projected At 32.6 Mb/D, 0.2 Mb/D Less Than The Level Seen In 2017
  • Most Of The Oil Demand Growth Is Anticipated To Originate From Other Asia, Led By China And India
  • Oil Demand Growth In The OECD Region Was Revised Higher In 1Q18, Now Showing Growth Of 0.32 Mb/D For 2018
  • OECD 2018 Americas Oil Demand Is Projected To Remain Strong, Growing By 0.23 Mb/D
  • US Crude Oil Production In 2018 Forecast To Grow By 0.52 Mb/D From Dec 2017 To Dec 2018 Due To The High Baseline
  • Tanker Market Spot Freight Rates Continued To Drop As Seen In The Previous Months
  • Sees rival supply exceeding demand due to shale growth

Probably the most key comment of the lot. This whole saga started with the Saudi’s trying to squeeze out shale producers.

Ryan Littlestone
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