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Global Oil Demand Hits Seasonal Highs for the 8th Time in Year - JODI Data

RIYADH, Saudi Arabia - Oil demand rose to a new seasonal high in December, the eighth monthly record in 2023, according to statistics published by the Joint Organizations Data Initiative.

Demand in JODI-reporting countries rose ~0.5 mb/d month-on-month as gains in Asia more than offset declines in the US and Europe.

LPG demand rose to record levels while gasoline and diesel retreated and fell near the 5-year seasonal average.

Crude oil production fell slightly in December and it was down 0.3 mb/d year-on-year. Steep year-on-year crude production declines in Saudi Arabia (-1.5 mb/d) and Iraq (-345 kb/d) were partially offset by gains in the US (+1.1 mb/d), Canada (+312 kb/d), and China (+184 kb/d).

Meanwhile, NGL production rose to an all-time high in December and was up 1.3 mb/d from year-old levels.

Refinery runs rose by 2.7 mb/d month-on-month to a four-month high and up 1.1 mb/d year-on-year. 

Crude inventories fell by 8 mb in December and were 275 mb below the five-year average. Product inventories rose by 53 mb and were 32 mb above the five-year average.

Natural gas production in JODI-reporting countries rose slightly in December and was at a seasonal high for a third consecutive month.

Natural gas demand rose seasonally in December, but it was still at a 5-year seasonal low due to weak demand in North America and Europe. Total gas inventories fell seasonally by 17 bcm but were still at an all-time seasonal high.

The JODI oil and gas databases were updated with 50 countries reporting oil data for December and 57 countries reporting natural gas data.

Oil data highlights for the month of December:

  • Saudi Arabia
    • Crude production rose by 126 kb/d to 8.94 mb/d.
    • Crude exports fell by 28 kb/d.
    • Direct burn of crude fell by 198 kb/d to 303 kb/d, a 22-month low.
    • Refinery runs rose by 326 kb/d to a 3-month high.
  • China
    • Crude imports rebounded by 1.1 mb/d to 11.42 mb/d.
    • Total product demand rose by 1.2 mb/d to 16.42 mb/d. It was up 1.5 mb/d year-on-year.
    • Product exports fell by 145 kb/d to a 6-month low.
  • United Kingdom
    • Crude production fell by 103 kb/d to a 9-year low.
  • Canada
    • Crude production fell slightly month-on-month was still the second highest level on record at 4.22 mb/d.

Natural gas December data highlights:

  • Natural gas demand rose seasonally by 14.8 bcm month-on-month but was still at a five-year seasonal low.
  • Natural gas production rose by 0.7 bcm.
  • EU+UK gas consumption rose by 6.1 bcm but was still at a five-year seasonal low. Inventories fell by 10 bcm to stand nearly 87 percent full at the end of the month.
  • Total gas inventories fell by 17 bcm month-on-month but were at a seasonal record high.

The full JODI oil and gas database was updated on Monday, February 19th with data through December 2023 and can be viewed at jodidb.org or jodidata.org. The next update will be on Monday, March 18th with data through January 2024. 

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