Global oil demand rose in October, bucking the seasonal trend, according to new data from the Joint Organizations Data Initiative (Jodi).
Global demand advanced by 75,000 barrels per day (bpd) in October, 1.7 million bpd above the level a year ago, driven mainly by gains in China, the United States and India.
Global oil production fell by 228,000 bpd in October, driven by losses in Russia, Saudi Arabia and the United States.
While markets tightened compared to September, global inventories of oil and refined products rose contrary to normal for the season, to 37.9 million barrels. Global inventories remain 406 million barrels below the five-year average.
Global demand was at 99% of pre-covid levels in October, while oil production was at 96% of pre-pandemic levels.
The data showed Russian oil production down 107,000 bpd to 9.88 million bpd and down 378,000 bpd from pre-Ukrainian invasion levels. Russian gas production increased slightly for the third month in a row, albeit still more than 22% below March levels.
Source: CNN Brasil
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