Global crude oil production fell for a third consecutive month in January, by 365,000 barrels per day (bpd) to a seven-month low, driven by declines in Canada, Iraq, Russia, and Bahrain, according to the latest data from the Joint Organizations Data Initiative.
According to the report, Russian crude production declined by 47 kbpd in January to stand at 9.98 million bpd – a three-month low and 277 kbpd below year-ago levels.
Global oil demand declined seasonally in January and stood only marginally above year ago levels. Notably, this month’s update did not include January data for China.
Inventories of crude and refined products globally climbed by 101.9 million barrels (mb) to an 11-month high. However, they remained 304 mb below the five-year average.
Global natural gas demand declined counter-seasonally in January by 271.9 billion cubic feet (7.7 billion cubic metres) compared to a normal seasonal average increase of 529.7 bcf (15 bcm).
The EU and the UK natural gas demand was 25 percent below seasonal average levels. The region’s inventories declined by 388.5 bcf (11 bcm) in January, less than the seasonal average draw of 529.7 bcf (15 bcm). Inventories stood at 72 percent full at the end of the month.
Russian natural gas production increased by 28.3 bcf (0.8 bcm) and stood at a 9-month high.
The JODI oil and gas databases were updated on Thursday with nearly 50 countries reporting data for the latest month of January 2022. The January data submissions account for more than 57 percent of global oil demand and global crude production.