Global oil demand fell in the off-season in July by around 1.1 million barrels per day (mb/d), due to declines in OECD Europe, India, China, Saudi Arabia and Indonesia, according to new data from the Joint Organizations Data Initiative (JODI) shows.
The decline contrasts with the five-year average for the month of July, excluding the pandemic years of 2020-2021, which shows demand increasing seasonally by an average of 350,000 bpd.
Global crude oil production increased by around 50 kb/d in July, according to the JODI update. July’s changes brought crude oil production and demand back to 98% of pre-pandemic levels.
The data also showed that Russian gas production fell for a fourth consecutive month and was more than 34% below March levels.
The JODI oil and gas databases were updated on Monday with 51 countries reporting data for the last month of July 2022. The July data submissions account for more than 70% of global oil demand and 55% of world crude oil production. Notably, this month’s update did not include oil data for Russia.
Product inventories increased by 63 MB, more than three times the average seasonal increase. Crude inventories increased in the off-season by 9 mb. Together, global crude and product inventories were nearly 438 mb below the five-year average.
June oil data highlights include:
Crude production increased by 169 kb/d to 10.82 mb/d.
Crude exports increased 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 by 192 kb/d in the off-season – the first monthly drop since February.
Direct combustion of crude oil fell from 26 kb/d to 661 kb/d in July.
Crude inventories increased by 211 kb to 142.1 mb.
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 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 were 562 kb/d lower than July 2019 levels.
Crude oil inventories fell 14.3mb in July and are now at their lowest level since 2003.
Total product inventories increased by 52.9 mb to 676.2 mb.
Highlights of June natural gas data include:
Natural gas demand was at 104% of levels a year ago, while production was at 96% of 2021 levels.
Russian gas production fell for a fourth consecutive month and is down 34% from March levels.
EU + UK gas consumption was at its lowest seasonal level in five years in July, while LNG imports more than doubled from a year ago. The group’s inventories rose by 3.9 billion m3 – less than the seasonal average construction of 9.7 billion m3 – to stand at 63% at the end of July.
Global LNG exports fell slightly in July and were in line with the previous year’s levels.
Total gas stocks increased by 15.5 bcm and were 15.9 bcm below the five-year average.