"Global oil demand climbed in December by 1.3 mb/d to a new record high, according to new data from the Joint Organizations Data Initiative (JODI). Demand growth was driven primarily by gains in Japan, Indonesia, and Korea," IEF said in a statement.
At the same time, global oil production fell by 274,000 barrels per day in December to a five-month low, the statement noted, adding that such dynamics were caused by a decrease in production in the United States and the United Kingdom.
According to the statement, the demand for oil in December amounted to 102% of the level before the COVID-19 pandemic in 2020, while the production rate reached 96% of pre-pandemic levels.
The statement said that December data on gas and oil production in Russia and China were not included in the report, but at the same time, similar information regarding Russia's production rate in November was added to the report for the first time. According to the JODI, in November, Russia's oil production increased by 143,000 barrels to 10.02 million barrels per day, and gas production increased by 2.6 billion cubic meters to a six-month high.
The IEF added that data for December was updated with reports from 53 countries. These figures account for more than 57% of global oil demand and global oil production.