23 / 32
Volume
45
Issue
3
23
Source: Energy Intelligence Briefing Feb. 19, 2019.
* include 0.2 million b/d of oil needed to fill up the supply system for crude and products, and strategic
reserves.
On the supply side, preliminary estimates show that world oil supplies for January 2019
decreased by 0.8% or 0.8 million b/d, comparing with the previous month to reach 100.4
million b/d, representing an increase of 2.8 million b/d from their last year level.
In January 2019, OPEC crude oil and NGLs/condensates total supplies decreased by 1.6%
or 0.6million b/d, comparing with the previous month to reach 36.2million b/d, representing
a decrease of 0.8 million b/d from their last year level. And preliminary estimates show
that Non-OPEC supplies decreased by 0.3% or 0.2 million b/d, comparing with the previous
month to reach 64.2 million b/d, representing an increase of 3.6 million b/d from their last
year level.
Preliminary estimates of the supply and demand for January 2019 reveal a surplus
of 0.7 million b/d, compared to a surplus of 0.8 million b/d in December 2018 and a shortage
of 1.3 million b/d in January 2018, as shown in
table (2)
and
figure (6)
:
Table 2
World Oil Supply and Demand
(Million b/d)
January
2019
December
2018
Change from
December
2018
January
2018
Change from
January
2018
OECD Demand
47.4
48.6
-1.2
47.2
0.2
Rest of the World
*
52.5
51.8
0.7
51.6
0.9
World Demand
99.8
100.4
-0.6
98.9
1.0
OPEC Supply :
36.2
36.8
-0.6
37.0
-0.8
Crude Oil
30.6
31.3
-0.7
31.6
-0.1
NGLs & Cond.
5.6
5.5
0.1
5.4
0.2
Non-OPEC Supply
61.8
62.0
-0.2
58.2
3.6
Processing Gain
2.4
2.4
0.0
2.4
0.0
World Supply
100.4 101.2
-0.8
97.6
2.8
Balance
0.7
0.8
-1.3