Latest JODI Data Suggests Rebound in Global Oil Demand

SEATTLE (Oil Monster): The latest data published by the Joint Organizations Data Initiative (JODI) indicates that global oil demand surged higher by more than 4.5 mb/d over the previous month in February this year. The rise in demand was mainly on account of growth in China, US, Indonesia, the UK, and Japan, it noted. Meantime, the overall oil demand fell short marginally, when compared with year-ago levels.

According to data, global crude oil production increased by 0.5 mb/d in February, driven by boosted output in China and the UK. On the other hand, global natural gas demand witnessed seasonal decline by 12.3 bcm during the month. The combined natural gas demand in the EU and the UK registered a decline by 4.7 bcm. Also, Russian natural gas production declined by 5.8 bcm.

The Saudi Arabian crude production dropped by 3 kb/d to 10.45 mb/d in February, while crude exports from the country dropped by 203 kb/d to 7.46 mb/d. The Chinese crude production rose by 430 kb/d to 4.06 mb/d. Also, the country reported rise in crude imports by 1.06 mb/d to 10.99 mb/d. The U.S. crude production was down by 0.18 mb/d to 12.28 mb/d.

The natural gas production registered decline by 11.7 bcm month-on-month. The Russian gas production declined seasonally by 5.8 bcm.