Oil demand surged to a seasonal peak in December, marking the eighth monthly record of 2023, as reported by the Joint Organisations Data Initiative (JODI) from Riyadh, Saudi Arabia.
Statistics revealed that demand in JODI-reporting countries rose by approximately 0.5 million barrels per day (mb/d) compared to the previous month, with Asia driving gains while the US and Europe experienced declines.
While liquefied petroleum gas (LPG) demand reached record levels, gasoline and diesel saw a retreat, falling close to the five-year seasonal average.
Crude oil production experienced a slight decline in December, down by 0.3 mb/d compared to the previous year, with notable decreases in Saudi Arabia and Iraq partially offset by gains in the US, Canada and China.
The UK witnessed a significant drop in crude production to a nine-year low, according to the report.
Additionally, natural gas production in JODI-reporting countries saw a modest increase in December, reaching a seasonal high for the third consecutive month.
Despite seasonal rises in natural gas demand, it remained at a five-year seasonal low due to weak demand in North America and Europe, while total gas inventories hit an all time seasonal high.
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