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Petroleum Devolopments
Volume 41 Issue 12
21
October
2015
September
2015
Change from
Sept.
2015
October
2014
Change from
October
2014
OECD Demand
46.6
46.0
0.6
46.4
0.2
Rest of the World
49.2
49.6
-0.4
47.7
1.5
World Demand
95.8
95.6
0.2
94.1
1.7
OPEC Supply:
38.8
39.1
-0.3
36.3
2.5
Crude Oil
32.0
32.3
-0.3
29.7
2.3
NGL’s & Cond.
6.8
6.8
0.0
6.6
0.2
Non-Opec Supply
57.4
56.8
0.6
55.5
1.9
Processing Gain
2.2
2.2
0.0
2.3
-0.1
World Supply
98.4
98.1
0.3
94.2
4.2
Balance
2.7
2.4
0.1
Source: Energy Intelligence Briefing November 4, 2015.
On the supply side, preliminary estimates show that world oil supplies
for October 2015 increased by 0.3% or 0.3 million b/d comparing with the
previous month level to reach 98.4 million b/d, a level that is 4.2 million
b/d higher than last year.
In October 2015, OPEC crude oil and NGLs/condensates total supplies
decreased by 0.8% or 0.3 million b/d comparing with the previous month
level to reach 38.8 million b/d, a level that is 2.5 million b/d higher than
last year. Whereas, Preliminary estimates show that Non-OPEC supplies
increased by 1% or 0.6 million b/d comparing with the previous month
level to reach 59.6 million b/d, a level that is 1.8 million b/d higher than
last year.
Preliminary estimates of the supply and demand for October 2015
reveal a surplus of 2.7 million b/d, compared to a surplus of 2.4 million
b/d in September 2015 and a surplus of 0.1 million b/d in October 2014, 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 2013-2015.