Thread by @AllysonCutright

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.