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February 2024 JODI Oil Data Highlights

OIL
  • Oil demand in JODI reporting countries rose by 1.2mb/d in February driven by gasoline and jet fuel demand and was up 1.1mb/d year on-year. Gasoline demand was at a 5-year seasonal high but diesel demand fell below the 5-year average for the first time since July 2022.
  • Crude oil production rose by 473kb/d m/m in February but was down 1.2mb/d y/y with steep declines in Saudi Arabia (-1.4mb/d) and Iraq (-347kb/d) partially offset by gains in the US (+744kb/d).
  • Saudi Arabia’s crude production rose by 55kb/d to a 7-month high at 9.01mb/d while crude exports rose by 20kb/d to a 3-month high of 6.32mb/d.
  • US production rebounded by 743kb/d following weather related shut-ins in January with exports increasing by 583kb/d and up 634kb/d y/y.
  • China crude imports fell by 667kb/d while demand fell by 967kb/d to a 13-month low. Chinese product exports fell by 69kb/d to a 10-month low and refinery runs fell by 919kb/d to a 7-month low.
  • Crude inventories built by 17.7mbbl in February but were still 262mbbl below the 5-year average.
  • Product inventories drew by 2.9mbbl but were 4.8mbbl above the 5-year average.


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  • Oil demand in JODI reporting countries rose by 1.2mb/d in February driven by gasoline and jet fuel demand and was up 1.1mb/d year on-year. Gasoline demand was at a 5-year seasonal high but diesel demand fell below the 5-year average for the first time since July 2022.
  • Crude oil production rose by 473kb/d m/m in February but was down 1.2mb/d y/y with steep declines in Saudi Arabia (-1.4mb/d) and Iraq (-347kb/d) partially offset by gains in the US (+744kb/d).
  • Saudi Arabia’s crude production rose by 55kb/d to a 7-month high at 9.01mb/d while crude exports rose by 20kb/d to a 3-month high of 6.32mb/d.
  • US production rebounded by 743kb/d following weather related shut-ins in January with exports increasing by 583kb/d and up 634kb/d y/y.
  • China crude imports fell by 667kb/d while demand fell by 967kb/d to a 13-month low. Chinese product exports fell by 69kb/d to a 10-month low and refinery runs fell by 919kb/d to a 7-month low.
  • Crude inventories built by 17.7mbbl in February but were still 262mbbl below the 5-year average.
  • Product inventories drew by 2.9mbbl but were 4.8mbbl above the 5-year average.


Keep reading...Show less