Global oil demand climbed in December by 1.3 million barrels per day (bpd) to a new record high, according to new data from the Joint Organizations Data Initiative (JODI). Demand growth was driven primarily by gains in Japan, Indonesia, and Korea.
Meanwhile, global crude production declined by 274 thousand bpd in December to a 5-month low, led by losses in the US and UK.
Global demand was at 102 percent of pre-COVID levels in December, while crude production was at 96 percent of pre-pandemic levels.
While markets tightened compared to November, global inventories of crude and refined products climbed counter seasonally by 5.46 million barrels (mb). Inventories remain 354 mb below the five-year average.
This month’s report did not include December data for China or Russia. However, Russia’s November data was included for the first time. Russian crude production increased by 143 kb/d in November to 10.02 million bpd and was only 235 kb/d below pre-invasion levels.
Meanwhile, Russia’s natural gas production increased by 91.8 billion cubic feet (bcf) – 2.6 billion cubic metres (bcm) – to a six-month high.
EU+UK natural gas inventories declined by 335.5 bcf (9.5 bcm) in December, less than the seasonal average draw of 406.1 bcf (11.5 bcm). Inventories stood at 85 percent full at the end of the month.
The JODI oil and gas databases were updated on Monday with 53 countries reporting data for the latest month of December 2022. The December data submissions account for more than 57 percent of global oil demand and global crude production.
Crude production fell by 33 kb/d to 10.44 mbpd.
Crude exports rose by 157 kb/d to 7.44 mbpd.
Crude inventories fell by 3.05 mb and product inventories increased by 2.66 mb.
Direct crude burn rose counter-seasonally by 48 kbpd to 477 kbpd – a five-year seasonal high.
Crude production fell by 288 kb/d to 12.09 mbpd.
Total product demand rose by 169 kb/d to 20.76 mbpd.
Crude oil closing stocks fell by 6.55 mb to the lowest level recorded in JODI.
Product closing stocks increased by 6.41 mb.
Total product demand rose by 512 kbpd to a 12-month high.
Russia (November data)
Crude production rose by 143 kb/d to 10.02 mbpd.
Crude refinery intake rose by 68 kb/d to 5.71 mbpd.
Natural gas demand increased by 30.96 bcm in December. Meanwhile, gas production fell by 0.18 bcm month-on-month.
EU+UK gas consumption was at a five-year seasonal low in December. Inventories fell by 9.5 bcm to stand 85 percent full at the end of the month. The group’s LNG imports were up 66 percent from a year ago.
Total gas inventories decreased by 27.6 bcm month-on-month in line with the seasonal average draw.