Monthly Oil & Gas Data ReviewEnergy Security Through Dialogueief.org1September 2023 Summary findings from the latest JODI oil & gas databases updateJODI Oil update by the numbers51 countries updated the database with the most recent July 2023 data 2101%of July 2019 levelsOil Demand340Million barrels below the 5-year avgCrude + Product Stocks96%of July 2019 levelsCrude + NGL ProductionOil Overview: Update with Data Through July 2023• Oil demand in JODI-reporting countries fell by ~3 mb/d month-on-month in July but it remained at a 5-year seasonal high.• The m/m decline in demand was driven by China, India, and Indonesia.• Despite the m/m decline, demand was up 3.4 mb/d y/y. The y/y gains were driven by China, US, and India.• Gasoline demand was a 5-year seasonal high with Spain, Italy and Turkey seeing 8+ year high demand. • China’s crude imports fell by 2.4 mb/d m/m to 10.3 mb/d – a 6-month low.• Crude oil production fell by 1.8 mb/d in July to a 22-month low, driven by lower production in Saudi Arabia, US, and China. Notably, Russian production data has not been reported since March.• Saudi crude production fell by 943 kb/d to 9.01 mb/d while its crude exports dropped by 792 kb/d to 6.01 mb/d – a 25-month low.• Crude and refined product inventories had a net build in July, but they remained 340 mb below the five-year average.3JODI Gas update by the numbers55 countries updated the database with the most recent July 2023 data 4100%of July 2022 levelsGas Demand30.0Billion cubic metres above the 5-year avgGas Stocks99%of July 2022 levelsGas ProductionGas Overview: Update with Data Through July 2023• Natural gas production rose seasonally by 3.1 bcm.• Month-on-month gains were driven...
