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Global Oil Demand Climbs to a Record High in March - JODI Data

RIYADH, Saudi Arabia – Global oil demand rose by 3.0 mb/d month-on-month in March to the highest level ever recorded by JODI-reporting countries, driven by growth in China and the US.

China's total product demand increased by 1.6 mb/d month-on-month to 16.79 mb/d – the third-highest level ever reported for the country in JODI.

Global crude oil production fell by 0.5 mb/d in March driven by lower production in the US, China, Angola, Canada, and the UK.

Global inventories of refined products fell by 39.6 mb in March while crude inventories declined by 0.7 mb. Total crude and product inventories remain 336 mb below the five-year average.

Notably, this month's update did not include March data for Russia, but February oil data for the country was included for the first time. Russian crude production rose by 133 kb/d in February and stood 116 kb/d below year-ago levels.

Global natural gas demand declined seasonally in March by 14.7 bcm.

EU+UK natural gas demand declined by 3.0 bcm and was ~16 percent below seasonal average levels. The region's gas inventories drew by 4.96 bcm in March and stood at 54 percent full at the end of the month.

The JODI oil and gas databases were updated on Thursday with more than 48 countries reporting oil data for March and 55 countries reporting natural gas data.

Oil March data highlights:

  • Saudi Arabia
    • Crude production increased by 14 kb/d to 10.46 mb/d.
    • Crude exports increased by 68 kb/d to 7.52 mb/d.
    • Crude inventories drew by 4.5 mb and product inventories rose by 4.7 mb.
  • China
    • Crude imports increased by 1.37 mb/d to 12.35 mb/d.
    • Total product demand increased by 1.60 mb/d to 16.79 mb/d.
    • Product exports decreased by 402 kb/d to 1.33 mb/d.
    • Crude production fell by 172 kb/d to 4.29 mb/d.
  • United States
    • Crude production declined by 257 kb/d to 12.22 mb/d and was up 525 kb/d from year ago levels.
    • Total product demand rose by 1.77 mb/d month-on-month to 21.77 mb/d.
    • Crude oil closing stocks fell by 2.95 mb and product closing stocks fell by 8.0 mb.

Natural gas March data highlights:

  • Natural gas demand fell seasonally by 14.7 bcm.
  • Natural gas production rose seasonally by 8.2 bcm.
  • EU+UK gas consumption fell by 3.0 bcm and was at a five-year seasonal low in March. Inventories fell by 4.96 bcm to stand 54 percent full at the end of the month.
  • Total gas inventories decreased by 10.8 bcm month-on-month.

The full JODI oil and gas database was updated on Thursday, May 18th with data through March 2023 and can be viewed at jodidb.org or jodidata.org. The next update will be on Monday, June 19th with data through April 2023.

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