JODI update 🧵:
Global oil demand climbed in September to the second-highest level of the year and nearly 1 mb/d above year-ago levels.
1/9 #OOTT
Meanwhile, global crude production declined slightly in September. Crude production was at 99% of pre-pandemic levels while demand was at 101% of pre-COVID levels.
2/9
While markets tightened compared to August, global inventories of crude and refined products climbed counter seasonally by 3.7 mb.
Despite the build, global inventories remain 442 mb below the five-year average.
3/9 #OOTT
Russian crude production declined marginally for a second consecutive month. It now stands at 9.99 mb/d and is 270 kb/d below pre-invasion levels.
4/9
Meanwhile, Russian gas increased (slightly) for a second consecutive month, but remains at a 5-year seasonal low and 30% below pre-invasion levels.
5/9
Chinese demand increased by 459 kb/d in September, but it was still 453 kb/d below year-ago levels.
Chinese diesel demand soared 628 kb/d m/m and was up 784 kb/d y/y.
6/9
China’s total product exports increased by 234 kb/d to a 15-month high.
7/9
Saudi crude production decreased by 10 kb/d in September to 11.04 mb/d. Despite the decline, this is only the fourth time Saudi Arabia has reported monthly crude production above 11.0 mb/d.
Saudi crude exports increased by 120 kb/d to a 29-month high.
8/9
EU+UK natural gas inventories increased by 8.7 bcm in September to stand at 89 percent full at the end of the month.
9/9
Data can be downloaded from here: jodidata.org/oil/database/d…
or here: jodidb.org/ReportFolders/…
The next update will be on December 19th with data through October.
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