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Highlights of November JODI oil data

OIL
  • Global oil demand climbed in November by 1.7 mb/d to its highest level since February driven primarily by gains in China, Japan, and India.
  • Global crude oil production fell by 599 kb/d due to declines in Saudi Arabia and Iraq.
  • Global inventories of crude and refined products climbed counter seasonally by 29.8 mbbls but remain 396 mb below the five-year average.
  • Saudi Arabia’s crude production decreased by 489 kb/d to 10.47 mb/d. Crude exports decreased by 493 kb/d to a five month low to 7.28 mb/d. Crude inventories increased by 3.0 mb and product inventories fell by 2.5 mb while direct crude burn increased by 49 kb/d to 429 kb/d.
  • Chinese demand increased by 985 kb/d to a nine month high. Crude imports increased by 1.22 mb/d to a 20 month high at 11.41 mb/d and total product exports increased by 495 kb/d to a 17 month high to 1.61 mb/d.
  • US crude production fell by 261 kb/d to 12.12 mb/d while total product demand decreased by 203 kb/d.Crude oil closing stocks fell by 36.1 mb to the lowest level recorded in JODI and product closing stocks increased by 42.2 mb.
Energy BulletsCommodities
Energy BulletsCommodities

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