Global Oil Demand Rebounds in August - JODI Data
RIYADH, Saudi Arabia – Global oil demand rebounded in August, climbing by more than 2.0 mb/d, after falling counter-seasonally in July, according to new data from the Joint Organizations Data Initiative (JODI).
Meanwhile, global crude output rose by nearly 500 kb/d. Saudi Arabia’s crude production increased by 0.2 mb/d to 11.1 mb/d. This is only the third time Saudi Arabia has reported monthly output above 11 mb/d.
While markets tightened compared to July, global inventories of crude and refined products climbed counter seasonally by 17.9 mb.
Global demand was at 99 percent of pre-COVID levels in August, while crude production was at 98 percent of pre-pandemic levels. Demand growth was driven by the US, China, Japan, Saudi Arabia, and Indonesia.
The data also showed that Russian oil production slid slightly to 10.0 mb/d and is down 260 kb/d from pre-invasion levels. Meanwhile, Russian gas production increased slightly for the first time since March but was still more than 31 percent below March levels and at a five-year seasonal low.
EU+UK natural gas inventories increased by 12.2 bcm in August to stand at 81% full at the end of the month.
The JODI oil and gas databases were updated on Monday with 52 countries reporting data for the latest month of August 2022. The August data submissions account for more than 70 percent of both global oil demand and global crude production.
Highlights for August oil data:
- Saudi Arabia
- Crude production increased by 236 kb/d to 11.05 mb/d.
- Crude exports increased by 217 kb/d to 7.60 mb/d – a 28-month high.
- Direct burn of crude oil increased by 3 kb/d to 664 kb/d.
- Crude inventories fell by 0.5 mb and product inventories grew by 2.27 mb.
- Russia
- Crude production fell by 24 kb/d in August to 10.00 mb/d.
- NGL production fell by 111 kb/d to a 12-month low.
- Refinery intake fell by 56 kb/d to 5.62 mb/d.
- China
- Demand increased by 243 kb/d, but it was still 1.64 mb/d below year-ago levels.
- Crude imports increased by 715 kb/d to 9.53 mb/d, but were still down 986 kb/d y/y.
- Total product exports increased by 335 kb/d to 1.18 mb/d in August - a 14-month high.
- United States
- Crude production increased by 290 kb/d in August and is up 813 kb/d from year-ago levels.
- Total product demand increased in August by 1.46 mb/d.
- Crude oil closing stocks fell by 22.7 mb in August and are now at their second lowest level recorded in JODI.
- Product closing stocks increased by 38.3 mb to 688.5 mb.
Highlights for August natural gas data:
- Natural gas demand was at a five-year seasonal high and stood at 101 percent of year-ago levels. Meanwhile, gas production was at 97 percent of 2021 levels.
- Russian gas production increased for the first time since March but remains at a 5-year seasonal low and 31 percent below March levels.
- EU+UK gas consumption was at a 5-year seasonal low in August. The group’s LNG imports have more than doubled from a year ago. Gas inventories increased by 12.2 bcm to stand ~81% full at the end of August.
- Global LNG exports increased by 1.2 bcm in August as Norway’s exports soared to the second highest level on record and flows remained robust from the US and Australia.
- Total gas inventories increased by 18.5 bcm month-on-month in August but were still 13.3 bcm below the 5-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 Thursday, November 17th with data through September 2022.
