IEF - Oil Gas Data Review

In November 2022, 51 countries updated their databases with the most recent data. Global oil demand increased by 1.7 million barrels per day (mb/d) seasonally, reaching its second-highest level of the year and slightly above pre-COVID levels. The demand growth was primarily driven by gains in China, Japan, and India. Chinese demand rebounded by almost 1.0 mb/d month-on-month, and the country's crude imports soared by 1.22 mb/d to a 20-month high. However, global crude production decreased by 599 kb/d in November, reaching a four-month low, primarily due to losses in Saudi Arabia and Iraq. Saudi crude production decreased by 489 kb/d, driving its crude exports to a five-month low of 7.28 mb/d. Despite this, global inventories of crude and refined products climbed counter-seasonally by 29.8 mb, although they remain 396 mb below the five-year average. Additionally, gas production fell slightly by 1.2 billion cubic meters (bcm) in November, driven by declines in Norway, the US, and Australia. Total gas inventories decreased by 2.8 bcm, less than the seasonal average draw of 11.6 bcm, as demand remained at seasonal lows. The EU and UK's gas demand was well below the five-year seasonal range in November, and their inventories fell by only 2.2 bcm, keeping inventories at 93% full at the end of the month.