Global oil demand climbed in December by 1.3 mb/d to a new record high, according to new data from the Joint Organizations Data Initiative (JODI). Demand growth was driven primarily by gains in Japan, Indonesia, and Korea. Meanwhile, global crude production declined by 274 kb/d in December to a 5-month low, led by losses in the US and UK.

Global demand was at 102 percent of pre-COVID levels in December, while crude production was at 96 percent of pre-pandemic levels. While markets tightened compared to November, global inventories of crude and refined products climbed counter seasonally by 5.46 mb. Inventories remain 354 mb below the five-year average. 

EU+UK natural gas inventories declined by 9.5 bcm in December, less than the seasonal average draw of 11.5 bcm. Inventories stood at 85 percent full at the end of the month. The JODI oil and gas databases were updated on Monday with 53 countries reporting data for the latest month of December 2022. The December data submissions account for more than 57 percent of global oil demand and global crude production.