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Global Oil Demand Climbs to a Nine-Month High in November - JODI Data

RIYADH, Saudi Arabia – Global oil demand climbed seasonally in November 2022 by 1.7 mb/d to its highest level since February last year, according to new data from the Joint Organizations Data Initiative (JODI). The growth was driven primarily by gains in China, Japan, and India.

Chinese demand rebounded by nearly 1.0 mb/d month-on-month, and the country’s crude imports soared 1.22 mb/d to a 20-month high.

Meanwhile, global crude production declined by 599 kb/d in November to a four-month low, led by reductions in Saudi Arabia and Iraq.

While markets tightened compared to October, inventories of crude and refined products climbed counter seasonally by 29.8 mb. Global inventories remain 396 mb below the five-year average.

Global demand was at 100 percent of pre-COVID levels in November, while crude production was at 97 percent of pre-pandemic levels.

EU+UK natural gas inventories declined by 2.2 bcm in November, less than the seasonal average draw of 7.0 bcm. Inventories stood at 93 percent full at the end of the month.

The JODI oil and gas databases were updated on Thursday with 50 countries reporting data for the latest month of November 2022. Notably, this month’s update did not include data from Russia.

The November data submissions account for more than 70 percent of global oil demand and 57 percent of global crude production.

Highlights for November oil data:

  • Saudi Arabia
    • Crude production decreased by 489 kb/d to 10.47 mb/d.
    • Crude exports decreased by 493 kb/d to 7.28 mb/d – a five-month low.
    • Crude inventories increased by 3.0 mb and product inventories fell by 2.5 mb.
    • Direct crude burn increased counter-seasonally by 49 kb/d to 429 kb/d – a five-year seasonal high.  
  • China
    • Demand increased by 985 kb/d – a nine-month high.
    • Crude imports increased by 1.22 mb/d to 11.41 mb/d – a 20-month high.
    • Total product exports increased by 495 kb/d to 1.61 mb/d – a 17-month high.
  • United States
    • Crude production decreased by 261 kb/d to 12.12 mb/d.
    • Total product demand decreased by 203 kb/d.
    • Crude oil closing stocks fell by 36.1 mb to the lowest level recorded in JODI.
    • Product closing stocks increased by 42.2 mb.

Highlights for November natural gas data:

  • Natural gas demand increased by 22.3 bcm in November. Meanwhile, gas production fell by 1.2 bcm month-on-month.
  • EU+UK gas consumption was at a 5-year seasonal low in November and inventories fell by only 2.2 bcm to stand 93 percent full at the end of the month. The group’s LNG imports were up 50% from a year ago.
  • Total gas inventories decreased by 2.8 bcm month-on-month, less than the seasonal average draw of 11.6 bcm.

The full JODI oil and gas database will be available today at noon BST and can be viewed at jodidb.org or jodidata.org. The next update will be on Monday, February 20th with data through December 2022.

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