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August JODI Oil Data Highlights


Highlights for August JODI oil data include:

  • Global oil demand rebounded in August by more than 2.0mbpd, after falling counter-seasonally in July. Global crude output rose by nearly 500kbpd. Global inventories of crude and refined products climbed counter seasonally by 17.9 mb.
  • Saudi Arabia’s crude production increased by 0.236mbpd to 11.05mbpd and above 11mbpd for only the third time. Crude exports increased to a 28-month high by 217kbpd to 7.60mbpd.
  • Russian oil production slid slightly to 10.0mbpd and is down 260kbpd from pre-invasion levels.
  • Chinese Demand increased by 243kbpd, but it was still 1.64mbpd below year-ago levels. Crude imports increased by 715kbpd to 9.53mbpd but were still down 986kbpd y/y. Total product exports increased by 335kbpd to 1.18mbpd in August - a 14-month high.
  • Crude production increased by 290kbpd in August and is up 813kbpd from year-ago levels. Total product demand increased in August by 1.46mbpd.

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