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Monthly Oil Market Snapshot – February 2022

Published: 11 February 2022 Code: GDRC_ONG_1234

Key findings discussed in the report include:

  • Global oil production: Crude oil production in the US, Saudi Arabia and Norway significantly increased in December 2021
  • OPEC production summary: Saudi Arabia, Venezuela and Angola led growth, while Libya and Nigeria significantly offset the production increase by other countries
  • Crude Oil refinery input: Crude oil throughput recovered across all major economies in November 2021. China, India and Saudi Arabia led increase in crude oil refinery input
  • Oil products demand: 2021 products demand through November 2021 was 4% below pre-COVID levels. November saw significant demand increase from the US, China and Canada, with monthly demand just 1% below pre-COVID levels
  • Diesel demand: The US and China reached a new all time high level in diesel demand in November 2021. India and Europe saw a slowdown in diesel demand, while Saudi Arabia and Japan both saw a demand drop in November 2021
  • Gasoline demand: US gasoline demand surpassed pre-pandemic levels, while China reached a new all time high gasoline demand in November 2021
  • LPG demand: China LPG demand recovered from October’s trough, while the US LPG demand increased significantly by 43% in November 2021. Japan, Europe and Saudi Arabia additionally contributed to the global LPG demand growth in November 2021
  • Kerosene demand: A slow resurgence of air travel and new virus outbreaks left demand significantly below pre-COVID levels across major countries. China, Saudi Arabia and Canada had a major decrease in kerosene demand in November 2021 with the change of -40%, -27% and -20%, respectively

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