JODI Data Highlights Global Oil and Natural Gas Market Trends

The Joint Organisations Data Initiative (JODI) recently released its monthly data report, showing the most up-to-date oil and natural gas market trends worldwide. This is valuable information for companies and individuals operating in the energy sector or looking to expand their operations into this area. Here are some of the key insights from the JODI report that can help you gain an edge in the competitive energy market.

According to information from the Joint Organizations Data Initiative (JODI), global oil consumption increased by 1.3 million barrels per day (bpd) in December 2022, reaching a new record high that was 102% higher than pre-Covid levels in December 2019. The International Energy Forum (IEF), headquartered in Riyadh, shared the JODI data, which showed that the increase in global oil demand in the final month of 2022 was driven by increasing consumption in Japan, Indonesia, and South Korea.

Japan Leads the Way

The increase in global demand was aided by a 512,000 bpd increase in total product demand in Japan, which reached a 12-month peak. Thanks to strong demand in China, India, and Japan, global consumption in November 2022 reached a nine-month high, according to the JODI data.

Production Declines

The United States and the United Kingdom’s lower supply contributed to a five-month low in crude oil output in December despite the rise in global demand. Markets tightened in comparison to November, but the statistics show that world crude oil and refined product inventories rose unseasonably by 5.46 million barrels. Stocks are still 354 million barrels below the five-year norm, though.

Saudi Arabia’s Crude Oil Exports and Production

Other noteworthy statistics from the report include a 157,000 bpd increase in Saudi Arabia’s crude oil exports to 7.44 million bpd in December and a 33,000 bpd decrease in crude output to 10.44 million bpd. The JODI statistics revealed that while product inventories increased by 2.66 million barrels in December, crude oil inventories decreased by 3.05 million barrels in the top crude exporter in the world.

U.S. Crude Oil Production

While total product demand increased by 169,000 bpd to 20.76 million bpd, U.S. crude oil output decreased by 288,000 bpd to 12.09 million bpd. The closing stock of U.S. crude oil decreased by 6.55 million barrels to the lowest amount ever seen in JODI records dating back to January 2002.

World Natural Gas Demand

Global natural gas consumption increased in December, but according to data from JODI, European and British natural gas inventories decreased by 9.5 bcm and 11.5 bcm, respectively, less than the seasonal average draw of 11.5 bcm.

Final Thoughts

The JODI data demonstrates that despite the difficulties brought on by the ongoing Covid-19 pandemic, global oil consumption is increasing. The difficulties the oil industry is facing are highlighted by the decrease in crude oil output in December. Oil demand is increasing as a result of rising consumption in important markets like Japan, Indonesia, and South Korea, which is good news for the sector. The difficulties the sector is facing are also highlighted by the decline in US crude oil output and the decrease in natural gas inventories in the EU and the UK.

Read more – Fuel Demand on the Rise in India in February