RIYADH, Saudi Arabia – Global crude oil production fell for a third consecutive month in January, by 365 kb/d to a seven-month low, driven by declines in Canada, Iraq, Russia, and Bahrain, according to the latest data from the Joint Organizations Data Initiative.
Russian crude production declined by 47 kb/d in January to stand at 9.98 mb/d – a three-month low and 277 kb/d below year-ago levels.
Global oil demand declined seasonally in January and stood only marginally above year ago levels. Notably, this month’s update did not include January data for China.
Global inventories of crude and refined products climbed by 101.9 mb to an 11-month high. However, they remained 304 mb below the five-year average.
Global natural gas demand declined counter-seasonally in January by 7.7 bcm compared to a normal seasonal average increase of 15 bcm.
EU+UK natural gas demand was ~25% below seasonal average levels. The region’s inventories declined by 11 bcm in January, less than the seasonal average draw of 15 bcm. Inventories stood at 72 percent full at the end of the month.
Russian natural gas production increased by 0.8 bcm and stood at a 9-month high.
The JODI oil and gas databases were updated on Thursday with nearly 50 countries reporting data for the latest month of January 2022. The January data submissions account for more than 57 percent of global oil demand and global crude production.
Oil January data highlights:
- Saudi Arabia
- Crude production increased by 18 kb/d to 10.45 mb/d.
- Crude exports rose by 221 kb/d to 7.66 mb/d – a 3-month high.
- Crude inventories fell by 2.92 mb and product inventories increased by 2.62 mb.
- United States
- 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.
- Crude production declined by 47 kb/d to 9.98 mb/d.
- Crude refinery intake rose by 34 kb/d to 5.84 mb/d.
- China (December data)
- Crude imports decreased by 55 kb/d to 11.35 mb/d.
- Demand decreased by 532 kb/d month-on-month to 14.87 mb/d.
- Product exports increased by 315 kb/d to 1.93 mb/d – the highest level since April 2020.
Natural gas January data highlights:
- Natural gas demand fell counter-seasonally by 7.7 bcm in January. Meanwhile, gas production increased by 0.2 bcm month-on-month.
- EU+UK gas consumption was at a five-year seasonal low in January. Inventories fell by 11 bcm to stand 72 percent full at the end of the month.
- Total gas inventories decreased by 24.4 bcm month-on-month, less than the seasonal average draw of 43 bcm.