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Global Oil Demand Climbs in May while Crude Output Falls - JODI Data

RIYADH, Saudi Arabia – Oil demand in JODI-reporting countries rose by more than 3 mb/d month-on-month in May and approached March’s record, while crude oil production fell, according to the latest data issued by the Joint Organizations Data Initiative.

The jump in oil demand was driven by China, India, Saudi Arabia, and the US. China’s total product demand increased by 1.7 mb/d month-on-month to 17.37 mb/d – the second-highest level ever reported in JODI.

Crude oil production in JODI reporting countries fell by 0.8 mb/d in May, driven by lower production in Saudi Arabia, Canada, and the US.

Crude inventories in JODI countries fell by 10 mb and stood 324 mb below the five-year average. Meanwhile, product inventories rose by 32 mb and stood 25 mb below the five-year average.

Notably, this month’s update did not include April or May data for Russia, but March oil data for the country was included for the first time. Russian crude production fell by 49 kb/d from February to 10.18 mb/d in March and stood flat from year-ago levels.

Global natural gas demand declined seasonally in May by 10.4 bcm, according to the data.

EU+UK natural gas demand declined by 7.4 bcm and was ~17 percent below seasonal average levels. The region’s inventories built by 9.2 bcm in May (slightly less than the seasonal average of 11 bcm) and stood nearly 70 percent full at the end of the month.

The JODI oil and gas databases were updated on Monday, with 51 countries reporting oil data for May and 53 countries reporting natural gas data.

Oil data highlights for the month of May:

  • Saudi Arabia
    • Crude production fell by 502 kb/d to 9.96 mb/d.
    • Crude exports fell by 388 kb/d to 6.93 mb/d.
    • Crude inventories drew by 1.2 mb and product inventories rose by 0.9 mb.
  • China
    • Crude imports rose by 1.80 mb/d to 12.15 mb/d.
    • Total product demand rose by 1.71 mb/d to 17.37 mb/d.
    • Product exports rose by 249 kb/d to 1.22 mb/d.
    • Refinery intake rose by 1.81 mb/d to 16.38 mb/d.
  • United States
    • Crude oil closing stocks fell by 10.5 mb and product closing stocks rose by 42.7 mb.

Natural gas May data highlights:

  • Natural gas demand fell seasonally by 10.4 bcm.
  • Natural gas production fell by 2.1 bcm.
  • EU+UK gas consumption fell by 7.4 bcm and was at a five-year seasonal low in May. Inventories built by 9.2 bcm to stand nearly 70 percent full at the end of the month.
  • Total gas inventories increased by 23.3 bcm month-on-month.

The full JODI oil and gas database was updated on Monday, July 17th with data through May 2023 and can be viewed at jodidb.org or jodidata.org. The next update will be on Wednesday, August 16th with data through June 2023.

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