JODI: World Oil Demand Hit Seasonal Highs in December

SEATTLE (Oil Monster): The latest data released by the Joint Organisations Data Initiative (JODI) indicates that world oil demand surged to hit seasonal peak during the month of December last year.

According to data, the demand for oil in countries reporting to JODI rose by approximately 0.5 million barrels per day (mb/d) in December 2023, upon comparison with the month before. The surge in demand was mainly driven by countries in the Asian region, whereas the U.S. and Europe witnessed dip in demand. The liquefied petroleum gas (LPG) demand touched record levels, while the gasoline and diesel demand recorded decline.

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The production of crude oil recorded marginal decline in December, falling by 0.3 mb/d in comparison with the prior year month. The Saudi Arabian crude oil production witnessed notable decline. The production by Iraq too recorded decline. The U.K crude oil production declined significantly to hit the lowest level in almost a decade. On the contrary, production gains were reported in the U.S., Canada and China.

The Saudi Arabian crude oil exports dipped in December, following three consecutive months of gains. The exports from the country recorded decline by 28,000 barrels from the previous month to total 6.31 million barrels per day.

The natural gas production by JODI-reporting countries witnessed modest increase in December 2023.