Monthly Oil & Gas Data ReviewEnergy Security Through Dialogueief.org1January 2024 Summary findings from the latest JODI oil & gas databases updateJODI Oil update by the numbers48 countries updated the database with the most recent November 2023 data2-0.4%vs. November 2022 levelsOil Demand-269mbvs. 5-year avgCrude + Product Stocks-0.6%vs. November 2022 levelsCrude + NGL ProductionOil Overview: Update with Data Through Nov 2023• Oil demand in JODI-reporting countries fell by ~1.6 mb/d in November and fell into thetop of the 5-year seasonal range for the first time since April. Demand was above the 5-year seasonal high from May to October.• The month-on-month decline was driven by China (-1.1 mb/d m/m), the US (-355 kb/d), and Saudi Arabia (-236 kb/d).• Aggregate demand was down 267 kb/d year-on-year.• China’s crude imports declined by 1.2 mb/d m/m to 10.38 mb/d and were down 1.0 mb/d from year ago levels.• Crude oil production rose slightly in November but was still marginally below the 5-year average. Crude production was down 0.9 mb/d y/y led by a 1.7 mb/d y/y drop in Saudi Arabia.• Saudi Arabia’s crude production fell by 122 kb/d in November to 8.8 mb/d while its crude exports rose by 39 kb/d to 6.34 mb/d.• Canada’s crude production rose by 263 kb/d m/m to a record high in November.• Crude and refined product inventories built by 41 mb in November, but they remained 269 mb below the five-year average.3JODI Gas update by the numbers55 countries updated the database with the most recent November 2023 data4+5.7%vs. November 2022 levelsGas Demand+26bcmvs. 5-year avgGas Stocks+4.3%vs. November 2022 levelsGas ProductionGas Overview: Update with Data Through Nov 2023• Natural gas production rose to an all-time high in November driven by gains in China, Nigeria, and Norway.• Gas production rose 0.7 bcm m/m and was up 7.6 bcm y/y. The y/y increase was driven by the US (+5.0 bcm), Nigeria (+3.0 bcm), and China (+1.1 bcm). • Natural gas demand rose seasonally in November and was at the 5-year average level. • EU+UK natural gas demand rose seasonally but remained at the bottom of the 5-year seasonal range.• Total gas inventories fell seasonally by 5.4 bcm month-on-month and were at a seasonal high.• EU+UK inventories fell by 4.3 bcm in November and stood nearly 95% full at the end of the month.5Oil Highlights6*Aggregated figures use the total for countries that have reported data every month since January 2018Oil demand fell by ~1.6 mb/d in November, re-entering the 5-year seasonal range for the first time since April7505560657075JanFebMarAprMayJunJulAugSepOctNovDecRange (2018-2022)2020202120222023Avg (2018-2022)Oil Product Demand (43 Countries)Million Barrels Per DaySource: IEF, JODI OilGasoline and LPG demand were at the top of the 5-year seasonal range in November81011121314151617181920JanFebMarAprMayJunJulAugSepOctNovDecRange (20...
