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Global Oil Demand Rose To Record High In Dec: JODI Oil Data

OIL

Global oil demand climbed by 1.3mbpd to a new record high according to the data from the Joint Organizations Data Initiative (JODI).

  • Global oil demand climbed by 1.3mbpd in December to a new record high. In November oil demand rose by 1.7mbpd.
  • Global crude oil production declined by 274kbpd in December to a five-month low, led by losses in the US and UK.
  • While markets tightened compared to November, global inventories of crude and refined products climbed counter seasonally by 5.46mn barrels. Inventories remain 354mn barrels below the five-year average.
  • Russia’s November data was included for the first time. Russian crude production increased by 143kbpd in November to 10.02mbpd and was only 235kbpd below pre-invasion levels.
  • Saudi Arabia’s crude production fell by 33kbpd to 10.44mbpd. Exports rose by 157kbpd to 7.44mbpd.
  • US crude production fell by 288kbpd to 12.09mbpd.
Energy BulletsCommodities
Energy BulletsCommodities

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