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1.) JODI-Oil World Database: 1st update on 18 May 2023
2.) 48 countries updated the database with the most recent March 2023 data

Saudi Arabia

Figure 1: Saudi Arabia Crude Production

JanFebMarAprMayJunJulAugSepOctNovDec7,5008,0008,5009,0009,50010,00010,50011,00011,50012,00012,500Production (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Saudi crude production increased by 14 kb/d to 10.46 mb/d.

Figure 2: Saudi Arabia Crude Exports

JanFebMarAprMayJunJulAugSepOctNovDec5,0005,5006,0006,5007,0007,5008,0008,5009,0009,50010,00010,500Exports (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Saudi crude exports increased by 68 kb/d to 7.52 mb/d.

Figure 3: Saudi Arabia Crude Oil and Total Oil Products Closing Stocks

Saudi crude oil and oil products closing stocks built by 223 kb to 235.1 mb. Product inventories built by 4.7 mb while crude inventories drew by 4.5 mb.

Figure 4: Saudi Arabia Crude Oil Direct Use

JanFebMarAprMayJunJulAugSepOctNovDec250300350400450500550600650700Direct Use (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Saudi direct burn increased by 25 kb/d to 354 kb/d in March.

United States

Figure 5: US Crude Oil Production

JanFebMarAprMayJunJulAugSepOctNovDec9,50010,00010,50011,00011,50012,00012,50013,00013,500Production (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

US crude production declined by 257 kb/d to 12.22 mb/d and was up 525 kb/d from year-ago levels.

Figure 6: US Crude Oil Exports

JanFebMarAprMayJunJulAugSepOctNovDec1,5002,0002,5003,0003,5004,0004,5005,000Exports (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

US crude exports increased by 0.77 mb/d in March to 4.77 mb/d.

Figure 7: US Total Product Demand

JanFebMarAprMayJunJulAugSepOctNovDec14,00015,00016,00017,00018,00019,00020,00021,00022,000Demand (oil) / Gross Inland Deliveries (Observed) (gas) (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

US total product demand increased in March by 1.77 mb/to 21.77 mb/d.

Figure 8: US Crude Oil Closing Stocks

JanFebMarAprMayJunJulAugSepOctNovDec800,000850,000900,000950,0001,000,0001,050,0001,100,0001,150,0001,200,000Closing Stocks (Thousand Barrels (kbbl))20222023Avg 2018-2022Range 2018 - 2022

US crude oil closing stocks decreased by 2.95 mb.

Figure 9: US Total Oil Product Closing Stocks

JanFebMarAprMayJunJulAugSepOctNovDec580,000600,000620,000640,000660,000680,000700,000720,000740,000760,000780,000800,000820,000Closing Stocks (Thousand Barrels (kbbl))20222023Avg 2018-2022Range 2018 - 2022

US total product closing stocks decreased by 8 mb to 643.7 mb.

China

Figure 10: China Crude Oil Imports

JanFebMarAprMayJunJulAugSepOctNovDec8,0008,5009,0009,50010,00010,50011,00011,50012,00012,50013,00013,500Imports (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

China crude imports increased by 1.37 mb/d in March to 12.35 mb/d.

Figure 11: China Total Oil Product Demand

JanFebMarAprMayJunJulAugSepOctNovDec12,00013,00014,00015,00016,00017,00018,000Demand (oil) / Gross Inland Deliveries (Observed) (gas) (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Chinese demand increased by 1.60 mb/d in March to 16.79 mb/d.

Figure 12: China Total Oil Product Exports

JanFebMarAprMayJunJulAugSepOctNovDec8001,0001,2001,4001,6001,8002,000Exports (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Chinese product exports decreased by 402 kb/d in March to 1.33 mb/d.

Figure 13: China Refinery Crude Intake

JanFebMarAprMayJunJulAugSepOctNovDec11,50012,00012,50013,00013,50014,00014,50015,00015,50016,00016,50017,00017,500Refinery Intake (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Chinese refinery runs increased by 1.14 mb/d to 16.58 mb/d.

Russia

Figure 14: Russia Crude Production

JanFebMarAprMayJunJulAugSepOctNovDec8,5009,0009,50010,00010,50011,000Production (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Russia’s crude production increased by 133 kb/d in February to 10.12 mb/d.

Figure 15: Russia Refinery Crude Intake

JanFebMarAprMayJunJulAugSepOctNovDec4,8005,0005,2005,4005,6005,8006,0006,2006,400Refinery Intake (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Russia’s refinery runs decreased by 9 kb/d in February to 5.83 mb/d.

India

Figure 16: India Crude Imports

JanFebMarAprMayJunJulAugSepOctNovDec2,8003,0003,2003,4003,6003,8004,0004,2004,4004,6004,8005,0005,200Imports (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

India’s crude imports decreased by 96 kb/d m/m.

Figure 17: India Total Oil Product Demand

JanFebMarAprMayJunJulAugSepOctNovDec3,0003,5004,0004,5005,0005,500Demand (oil) / Gross Inland Deliveries (Observed) (gas) (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

India’s total product demand decreased by 25 kb/d m/m.

Japan

Figure 18: Japan Total Oil Product Demand

JanFebMarAprMayJunJulAugSepOctNovDec2,8003,0003,2003,4003,6003,8004,0004,2004,4004,6004,800Demand (oil) / Gross Inland Deliveries (Observed) (gas) (Thousand Barrels per day (kb/d))20222023Avg 2018-2022Range 2018 - 2022

Japan’s total oil product demand decreased by 389 kb/d m/m.

Korea

Figure 19: Korea Crude Inventories

JanFebMarAprMayJunJulAugSepOctNovDec90,00095,000100,000105,000110,000115,000120,000125,000130,000135,000140,000Closing Stocks (Thousand Barrels (kbbl))20222023Avg 2018-2022Range 2018 - 2022

Korea’s crude inventories increased by 9.35 mb to a 25-month high.