Oil demand exceeds 2019 levels: report

iStock

New data from the Joint Organisations Data Initiative (JODI), a Riyadh-based international collaboration to improve the availability and reliability of data on petroleum and natural gas, shows that global oil demand surpassed pre-pandemic levels in March, while production of crude oil was stuck at 97 per cent of the level before the onset of COVID-19.

The JODI oil and gas databases were updated on Monday with more than 50 countries reporting data for the latest month of March 2022. The March data submissions account for 70 per cent of global oil demand and 55 per cent of global crude production.

According to the newly released data, oil demand in March was at 101 per cent of 2019 levels, while crude production was only at 97 per cent. Demand exceeded 2019 levels despite sharp declines in China.

Compared to 2019, crude production is materially lower now in Nigeria, US, Angola, Iraq, and the UK. Demand for gasoline, diesel, and LPG exceeded pre-COVID levels in March, but jet fuel demand was 25 per cent lower than 2019 levels. Product inventories in March fell by 32.4 million barrels (mb) and are now 99.8 mb below the 5-year average.

Crude inventories in March increased by 12.7 mb and are now 284 mb below the 5-year average.

JODI gas data shows March demand was at 94 per cent of year-ago levels and below the 5-year average, while production was at 97 per cent of 2021 levels and above the 5-year average. Gas inventories declined by 8.4 billion cubic metres (bcm) and are now 20.7 bcm below the 5-year average.

More from Business

  • UAE, Ukraine Presidents witness CEPA signing

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

  • New AED 25 hour event parking tariffs begin in Dubai

    Vehicle parking at major events in Dubai will be charged at AED 25 an hour coming into effect on Monday, parking company Parkin confirmed.

  • Abu Dhabi issues new endowment company rules

    Abu Dhabi Department of Economic Development (ADDED), in collaboration with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has issued a resolution on the establishment and licensing of endowment institutions in Abu Dhabi.

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.