JODI sees record level of global oil demand in December

The level of global oil demand in December rose by 1.3 million barrels of oil per day to a record level, according to the Joint Organizations Data Initiative (JODI), Report informs referring to the International Energy Forum (IEF).

Global oil demand in December rose by 1.3 million barrels per day to a new record, according to new data from JODI. Demand growth was mainly due to increases in Japan, Indonesia and South Korea, the IEF said in a press release.

At the same time, global oil production fell by 274,000 barrels per day in December, dropping to a five-month low, which is associated with losses in the US and the UK. Thus, the demand for oil in December amounted to 102% of the pre-COVID level, and production to 96%.

The report doesn’t include data for China and Russia for December. At the same time, the November data for the Russian Federation were included for the first time: oil production in the Russian Federation in November increased by 143,000 barrels, to 10.02 million barrels per day, and gas production increased by 2.6 billion cubic meters to a six-month high.

The IEF also indicates that data for December has been updated for 53 reporting countries, while the data presented represent more than 57% of global oil demand and global oil production.