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Highlights for October JODI Oil Data

  • Global oil demand climbed counter-seasonally in October by 75 kb/d and 1.7 mb/d higher than a year ago driven by gains in China, US and India.
  • Global crude oil production decline by 228 kb/d due to losses in Russia, Saudi Arabia and US.
  • Global inventories of crude and refined products climbed counter seasonally by 37.9mbbls but remain 406mbbls below the five-year average.
  • Russian oil production fell by 107 kb/d to 9.88 mb/d and is down 378 kb/d from the levels prior to its invasion of Ukraine.
  • Saudi Arabia’s crude production decreased by 84 kb/d to 10.96 mb/d. Crude exports increased by 52 kb/d to a 30 month high to 7.77 mb/d.
  • Chinese demand increased by 518 kb/d to a five month high. Crude imports increased by 368 kb/d to 10.19 mb/d and total product exports fell by 302 kb/d to 1.02 mb/d.
  • US crude production fell by 297 kb/d to 11.97 mb/d while total product demand increased by 621 kb/d and is up 714 kb/d from year-ago levels. Crude oil closing stocks fell by 8.38 mb to the lowest level recorded in JODI.

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