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Highlights of January JODI oil data

OIL

Highlights of January JODI oil data released yesterday:

  • Global oil demand declined seasonally in January and stood only marginally above year ago levels although did not include data for China.
  • Global crude oil production fell to a seven month low by 365 kb/d due to declines in Canada, Iraq, Russia, and Bahrain.
  • Global inventories of crude and refined products climbed by 101.9 mb but remain 304 mb below the five-year average.
  • Saudi Arabia’s Crude production increased by 18 kb/d to 10.45 mb/d. Crude exports rose by 221 kb/d to a three month high to 7.66 mb/d. Crude inventories fell by 2.92 mb and product inventories increased by 2.62 mb.
  • Chinese Demand decreased by 532 kb/d month-on-month to 14.87 mb/d. Crude imports decreased by 55 kb/d to 11.35 mb/d and Product exports increased by 315 kb/d to 1.93 mb/d – the highest level since April 2020.
  • US crude production rose by 115 kb/d to 12.22 mb/d and was up 847 kb/d from year ago levels. Total product demand rose by 105 kb/d month-on-month to 19.60 mb/d. Crude oil closing stocks rose by 24.4 mb and product closing stocks increased by 24.9 mb.
  • Russian crude production declined by 47 kb/d to 9.98 mb/d and crude refinery intake rose by 34 kb/d to 5.84 mb/d.

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