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Monthly Oil Market Snapshot January 2022

Published: 13 January 2022 Code: GD1234

Crude oil production across major oil producers increased relatively significantly in November. Norway, UK, Libya and Iran decreased crude oil production, while China retained relatively stable production. OPEC crude oil production averaged 27.9 mb/d in November 2021, higher by 0.39 mb/d m-o-m than in October 2021. Iraq, Saudi Arabia, and Venezuela led the growth, while Libya, Iran and Congo Republic to some extent offset the production increase by other countries. China’s crude throughput fell to new low levels in November 2021 amid tighter export quotas. On the other hand, India, Saudi Arabia, and South Korea have seen an increase in crude oil refinery input. Apart from China, major countries exceeded the 2020 level of crude throughput.

Key highlights of the monthly oil market analysis:

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  • Products demand for the year through October was 5% below pre-COVID levels. Although recent months have seen a recovery with September demand only around 1% below 2019 levels, October demand saw a significant drop in most major economies
  • China and India saw significantly monthly increases, while North America and Europe both saw demand drop in October 2021
  • US gasoline demand surpassed pre-pandemic levels in October 2021, while China & Europe saw gasoline demand decline since July 2021 high levels
  • China LPG demand continued declining from the peak of June 2021, however, it has the highest LPG demand with higher demand since the start of the Covid-19 pandemic. US LPG demand stabilized after the seasonal summer drop, while Canada and Japan have experienced sharp 42%, and 13% monthly drop, respectively

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