Free Trial

OIL: May 2024 JODI Oil Data Highlights

OIL

Oil demand in JODI-reporting countries rose by 0.81mb/d m/m in May but was down 1.5% (1mb/d) y/y. Crude oil production fell by 586kb/d m/m and was down 0.78mb/d vs May 2023.

  • Saudi Arabia’s crude production rose by 7kb/d in May m/m to 8.99mb/d while exports rose by 150kb/d to 6.12mb/d. Saudi total product demand rose by 75kb/d m/m to 2.35mb/d.
  • China’s oil demand fell by 108kb/d in May to 16.3mb/d while product exports rose by 159kb/d. China crude oil imports rose by 179kb/d to 11.09mb/d.
  • India's crude imports fell by 96.7kb/d to 5.17mb/d and total product demand fell by 20kb/d to 5.4mb/d.
  • Refinery intake was up 1.56mb/d on the month but down 0.73mb/d vs May 2023.
  • Crude inventories were down 24.4mbbls m/m and 271mbbl below the five year average. Product inventories were up 66.7mb/d m/m and 7.7mbbl above the 5-year average.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.