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Global Oil Demand Rose 3mbpd MoM in May: JODI

OIL

Oil demand in JODI-reporting countries rose by more than 3mbpd month-on-month in May and approached March’s record, JODI data showed.

  • Oil demand was driven by China, India, Saudi Arabia, and the US. China’s total product demand increased by 1.7mbpd on the month to 17.37mbpd, the second highest level ever reported.
  • Chinese crude oil imports rose by 1.8mbpd to 12.15mbpd.
  • Crude oil production in JODI countries fell by 0.8mbpd month on month in May, as OPEC+ production cuts took effect, as well as lower production from the US and Canada.
  • Saudi Arabia’s crude production fell by 502kbpd to 9.96mbpd in May. Exports fell by 388kbpd to 6.93mbpd.
  • Crude inventories fell by 10mn barrels and stood 324mn barrels below the five-year average. Meanwhile, product inventories rose by 32mn barrels and stood 25mn barrels below the five-year average.
Energy BulletsCommodities
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