• Oil demand in JODI reporting countries increased more than the seasonal norm in February driven by robust diesel and gasoline demand.

• Demand was at 99% of pre-COVID levels while crude supply was at 97%.

• The majority of the reduced crude production comes from the US. Production is also materially lower in Iraq, Nigeria, Angola, and the UK.

• Diesel, gasoline, and LPG demand in JODI reporting countries increased by nearly 4 mb/d in February. Demand for all three products were above 2019 seasonal levels.

• Jet fuel remains depressed at 28% below pre-COVID levels.

• Crude inventories increased by ~0.2 mb m/m –the first m/m increase since Oct 2021, but less than the normal seasonal increase of ~11.1 mb. Crude inventories are still ~284 mb below the 5-year average.

• Product inventories decreased seasonally by ~24.5 mb m/m and are now ~81 mb below the 5-year average.

• Refinery intake increased counter-seasonally in February and stood at 99% of pre-COVID levels.