Global oil demand remained at a seasonal record high for a fifth consecutive month in September, up 2.5 million barrels per day year-on-year, according to the latest data issued by the Joint Organizations Data Initiative.
Demand dipped seasonally on a monthly basis, but continued its record-breaking streak for September, driven by strong consumption in China, India, US, and Saudi Arabia, according to the data.
Crude oil production in JODI reporting countries fell slightly in September and was down 1.9 mb/d year-on-year, largely due to declines in Saudi Arabia, Iraq, and Canada.
Crude and product inventories were 271 mb below the five-year average.
Global natural gas demand fell seasonally in September by 4.1 bcm, according to the data.
EU+UK natural gas demand rose by 2.8 bcm month-on-month but was ~13 percent below seasonal average levels.
The region’s inventories built by 1.3 bcm in September and stood nearly 95 percent full at the end of the month.
The JODI oil and gas databases will be updated at noon London time today, with 48 countries reporting oil data for September and 55 countries reporting natural gas data.
Oil data highlights for the month of September:
•Crude production rose by 57 kb/d to 8.98 mb/d.
•Crude exports rose by 170 kb/d to 5.75 mb/d.
•Direct burn of crude fell by 120 kb/d to 606 kb/d.
•Crude inventories drew by 4.6 mb and product inventories rose by 5.1 mb.
•Crude imports fell by 1.3 mb/d to 11.16 mb/d.
•Total product demand fell by 0.83 mb/d to 16.10 mb/d.
•Product exports fell by 74 kb/d to 1.39 mb/d.
•Refinery intake fell by 1.29 mb/d to 15.25 mb/d.
•Crude production fell by 133 kb/d to 12.92 mb/d
•Crude exports rose by 58 kb/d to 4.2 mb/d
•Total product demand fell by 135 kb/d to 20.68 mb/d
•Total product exports rose by 786 kb/d to 6.27 mb/d
Natural gas September data highlights:
•Natural gas demand fell seasonally by 4.1 bcm.
•Natural gas production fell by 6.1 bcm.
•EU+UK gas consumption rose by 2.8 bcm but was still at a five-year seasonal low. Inventories built by 1.3 bcm to stand nearly 95 percent full at the end of the month.
•Total gas inventories increased by 11.0 bcm month-on-month.--OGN/TradeArabia News Service