May 20, 2024 13:22 GMT
OIL: March 2024 JODI Oil Data Highlights
OIL
Oil demand in JODI-reporting countries rose by 1.3mb/d in March driven by gasoline demand, but was down 285kb/d year on-year.
Crude oil production rose by 78kb/d in March led by gains in China (192kb/d) and the UK (62kb/d). Production was down 1.5mb/d y/y with declines in Saudi Arabia (-1.5mb/d) and Iraq (-297kb/d) partially offset by gains in the US (+330kb/d).
- Saudi Arabia’s crude output was at 8.973mb/d in March vs 9.011mb/d in Feb. Crude oil exports rose by 96kb/d to a 9-month high of 6.413mb/d.
- Chinese oil demand rose by 1.3mb/d m/m and was 15% above the 5-year average. Total product demand rose by nearly 9% m/m to 16.6mb/d.
- India’s crude oil imports rose by 179kb/d m/m to 4.8mb/d.
- Refinery intake was down 897kb/d on the month.
- Crude inventories fell by 24.3mbbl in March and were 298mbbl below the 5-year average.
- Product inventories rose by 0.4mbbl and were 0.64mbbl above the 5-year average.
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