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January 2024 JODI Oil Data Highlights

OIL
  • Saudi Arabian crude oil exports fell by 11kbpd month on month to 6.297mbpd. Crude and refined product exports were at 7.540mbpd in January versus 7.445mbpd in December and 8.924mbpd in January 2023. The kingdom’s crude oil production rose by 12kbpd on the month to 8.96mbpd.
  • Refinery runs in Saudi Arabia rose by 10kbpd on the month to a four month high of 2.425mbpd.
  • November US crude oil production fell by 321kbpd to 12.99mbpd. Crude exports fell by 386kbpd to 4.14mbpd but were still at a seasonal high. Crude imports fell by 74kbpd to 6.34mbpd.
  • India’s crude imports rose by 367kbpd to the second highest level on record at 5.08mbpd. India’s total product demand rose by 8kbpd m-o-m to a 10-month high of 5.33mbpd.

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