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35
Petroleum Devolopments
Source: Energy Intelligence Briefing September 8, 2016.
On the supply side, preliminary estimates show that world oil supplies
for August 2016 increased by 0.3% or 0.3 million b/d, comparing with the
previous month to reach 98.1 million b/d, representing an increase of 1.4
million b/d from their last year level.
In August 2016, OPEC crude oil and NGLs/condensates total supplies
increased by 1% or 0.4 million b/d comparing with the previous month level
to reach 40.4 million b/d, a level that is 1.5 million b/d higher than last year.
whereas preliminary estimates show that Non-OPEC supplies decreased by
0.2% or 0.1 million b/d comparing with the previous month level to reach 57.7
million b/d, a level that is 0.2 million b/d lower than last year.
Preliminary estimates of the supply and demand for August 2016 reveal a
shortage of 0.4 million b/d, compared to a surplus of 0.5 million b/d in July
2016 and a shortage of 0.1 million b/d in August 2015, as shown in
table (2)
and
figure (6)
:
Table 2
World Supply and Demand
(Million b/d)
Tables (7)
and
(8)
in the annex show world oil demand and supply for the period 2014-2016.
August
2016
July
2016
Change from
July 2016
August
2015
Change from
August 2015
OECD Demand
47.4
47.6
-0.2
46.7
0.7
Rest of the World
51.1
49.7
1.4
50.1
1.0
World Demand
98.5
97.3
1.2
96.8
1.7
OPEC Supply:
40.4
40.0
0.4
38.9
1.5
Crude Oil
33.6
33.2
0.4
32.2
1.4
NGL’s & Cond.
6.8
6.8
0.0
6.7
0.1
Non-Opec Supply
55.4
55.4
0.0
55.4
0.0
Processing Gain
2.3
2.4
-0.1
2.5
-0.2
World Supply
98.1
97.8
-0.1
96.7
1.4
Balance
-0.4
0.5
-0.1