Global Oil Demand Fell Counter-Seasonally by 1.1 mb/d in July - JODI Data
RIYADH, Saudi Arabia – Global oil demand fell counter-seasonally in July by approximately 1.1 million barrels per day (mb/d), driven by declines in OECD Europe, India, China, Saudi Arabia, and Indonesia, new data from the Joint Organizations Data Initiative (JODI) shows.
The drop sits in contrast to the five-year average for the month of July, excluding the pandemic years of 2020-2021, which shows demand rising seasonally by an average of 350,000 b/d.
Global crude oil production increased by about 50 kb/d in July, the JODI update shows. The July changes brought both crude oil production and demand to 98 percent of pre-pandemic levels.
The data also showed that Russian gas production declined for a fourth consecutive month and was more than 34 percent below March levels.
The JODI oil and gas databases were updated on Monday with 51 countries reporting data for the latest month of July 2022. The July data submissions account for more than 70 percent of global oil demand and 55 percent of global crude production. Notably, this month’s update did not include oil data for Russia.
Product inventories grew by 63 mb – more than three times the average seasonal increase. Crude inventories increased counter-seasonally by 9 mb. Together, global crude and product inventories stood nearly 438 mb below the five-year average.
Highlights for July oil data:
- Saudi Arabia
- Crude production rose by 169 kb/d to 10.82 mb/d.
- Crude exports grew by 188 kb/d to 7.38 mb/d – a 27-month high.
- Product exports fell by 170 kb/d to 1.43 mb/d.
- Demand fell counter-seasonally by 192 kb/d – the first monthly decline since February.
- Direct burn of crude oil fell by 26 kb/d to 661 kb/d in July.
- Crude inventories grew by 211 kb to 142.1 mb.
- China:
- Demand fell by 191 kb/d in July and was 655 kb/d below year-ago levels. However, it was still 135 kb/d above July 2019 levels.
- Crude imports rose by 74 kb/d in July but were down 924 kb/d from year-ago levels.
- Total product exports increased by 21 kb/d in July, but they were 562 kb/d below July 2019 levels.
- United States:
- Crude oil inventories fell by 14.3 mb in July and are now at their lowest level since 2003.
- Total product inventories increased by 52.9 mb to 676.2 mb.
Highlights for July natural gas data:
- Natural gas demand was at 104 percent of year-ago levels while production was at 96 percent of 2021 levels.
- Russian gas production declined for a fourth consecutive month and is down 34 percent from March levels.
- EU+UK gas consumption was at a five-year seasonal low in July, while LNG imports have more than doubled from a year ago. The group's inventories increased by 3.9 bcm – less than the seasonal average build of 9.7 bcm – to stand 63 percent full at the end of July.
- Global LNG exports declined slightly in July and were in-line with year-ago levels.
- Total gas inventories increased by 15.5 bcm and stood 15.9 bcm below the five-year average.
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 Monday, October 17th with data through August 2022.
