JODI Data: Global Oil Demand Drops in April Back Below Pre-Pandemic Levels
RIYADH, Saudi Arabia – New data from the Joint Organizations Data Initiative (JODI) shows that global oil demand fell month-on-month in April to below pre-pandemic levels while crude oil production was stable, and stocks rebuilt from a low base.
The JODI oil and gas databases were updated on Monday with more than 50 countries reporting data for the latest month of April 2022. The latest submissions account for 55 percent of global oil demand and 51 percent of global crude production.
JODI Data shows oil demand dropped to 97 percent of 2019 levels in April as consumption softened across several Asian countries. Meanwhile, crude oil production was stable at 97 percent of the level before the onset of COVID-19. For the first time since June 2020, both crude oil and refined product inventories rose month-on-month.
Despite the relative weakening of the oil market in April, global crude and product inventories remain nearly 380 million barrels (mb) below the five-year average.
For natural gas, JODI data shows April demand was at 98 percent of year-ago levels and 7.1 billion cubic meters (bcm) above the five-year average while production was at 105 percent of 2021 levels and 14.1 bcm above the 5-year average. Gas inventories increased by 15.8 bcm (slightly above the seasonal average) in April and stood 18.6 bcm below the five-year average.
JODI Oil Data Highlights: Highlights from the aggregated total of countries that reported oil data for April:
- Oil demand and crude production in April were both at 97 percent of 2019 levels.
- Demand was weaker across many Asian countries compared to March levels and 2019 levels. Collectively, demand was 13 percent lower than April 2019 levels in Hong Kong, Taiwan, Japan, Korea, and Indonesia. Notably, this month’s JODI update did not include April data for China.
- Crude production was materially lower now vs. 2019 in Nigeria, US, Angola, and the UK.
- Fuel oil demand was at a five-year seasonal high in April, driven by gains in the US, Egypt, and Saudi Arabia.
- Jet fuel demand continues to recover steadily, but it remains 23 percent below 2019 levels.
- Product inventories in April increased by 35.3 mb – the first month-on-month gain since January. Inventories are now 92.2 mb below the 5-year average.
- Crude inventories increased for a third consecutive month. They grew by 3.2 mb in April and are now 289 mb below the 5-year average.
- Saudi Arabia
- April crude production increased by 141 kb/d to 10.44 mb/d. It is now 2.31 mb/d above year-ago levels.
- Crude exports in April increased by 147 kb/d to 7.38 mb/d – its highest level since April 2020. Product exports declined by 15 kb/d to 1.47 mb/d and were driven by reduced gasoline and fuel oil exports.
- Crude inventories increased by 3.73 mb in April to 139.6 mb. Product inventories declined by 2.5 mb to 96.9 mb.
- Direct burn of crude oil increased by 62 kb/d to 397 kb/d in April.
- United States:
- Crude production in April increased by 215 kb/d to 11.87 mb/d. It is now 640 kb/d above year-ago levels, but still 1.56 mb/d below all-time highs.
- Total product exports in March increased by 773 kb/d to 6.29 mb/d – the highest level recorded in JODI database.
- April crude inventories fell by 10.8 mb to 966 mb and are now at their lowest level since 2005. Product inventories increased by 3.9 mb – the first increase in nine months – to 618.5 mb.
- This month's JODI update did not include April data for Russia, but it provided partial data for January-March for the first time.
- Russia crude production declined by 49 kb/d in March to 10.18 mb/d.
- Refinery intake declined by 618 kb/d in March to 5.32 mb/d.
- Crude imports soared by 604 kb/d month-on-month in April to a new record high of 5.13 mb/d.
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 Tuesday, July 19th with data through May 2022.