World Oil Demand Rebounded in August, Says JODI Data

SEATTLE (Oil Monster): The most recent data released by the Joint Organizations Data Initiative (JODI) suggests that global oil demand rebounded during the month of August this year.

The demand edged higher by over 2.0 million barrels per day (mb/d), after recording a decline during the prior month. The demand was at almost 99% of pre-Covid-19 levels, mainly driven by boosted demand from counties such as the US, China, Japan, Saudi Arabia, and Indonesia.

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The Chinese demand surged higher by 243 kb/d, while that in the U.S. increased by 1.46 mb/d. Meantime, the U.S. crude production was up by 290 kb/d, significantly higher by 813 kb/d from the corresponding month a year before.

According to JODI data, the world crude output rose by around 500 kb/d in August 2022. The crude production hit 98% of pre-Covid-19 levels. The Saudi Arabian crude output increased by 0.2 mb/d to total 11.1 mb/d. This is the third time that the country’s output has surpassed the 11 mb/d level. The crude exports by the country hit a 28-month peak of 7.60 mb/d in August this year.

Also, the Russian production dipped marginally by 24 kb/d to 10 mb/d, significantly down when matched with the levels before Ukraine invasion.