• Oil market tightness eased in April as demand weakened, production remained stable, and inventories rose from a low base.

• Both demand and crude production were at 97% of pre-COVID levels.

 Demand was weaker across many Asian countries compared to March and 2019 levels.

 Collectively, demand was 13% lower than April 2019 levels in Hong Kong, Taiwan, Japan, Korea, and Indonesia. Notably, this month’s JODI update did not include April data for China.

 Crude production remains materially lower now vs. 2019 in Nigeria, US, Iraq, Angola, and the UK.