• Oil demand in JODI reporting countries in March exceeded 2019 levels despite soft Chinese demand.
• Demand was at 101% of pre-COVID levels while crude supply was at 97%.
• Production is materially lower now vs. 2019 in Nigeria, US, Iraq, Angola, and the UK.
• Diesel, gasoline, and LPG demand in JODI reporting countries were above 2019 seasonal levels, but jet fuel remains depressed at 25% below pre-COVID levels.
• Product inventories in March fell by 32.4 mb (slightly more than the seasonal average) and are now 99.8 mb below the 5-year average.
• Crude inventories in March increased by 12.7 mb (slightly less than the seasonal average) and are now 284 mb below the 5-year average.
• Refinery intake decreased seasonally in March and stood at 98% of pre-COVID levels.
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