Venezuela in the World Oil Market

Abstract

World Oil Demand Global oil demand growth in 2017 was revised upward by 40 tb/d to stand at 1.57 mb/d, averaging 96.99 mb/d for 2017. The upward revision was broadly a result of better-than-expected data for OECD Europe and China. For 2018, oil demand growth is anticipated to be around 1.53 mb/d, following a marginal upward adjustment compared to last month's report, with global oil demand now expected to reach 98.51 mb/d. Non-OECD economies will contribute 1.24 mb/d of the demand growth expected in 2018. Worl…