Global oil demand rose by 3.0 mb/d month-on-month in March to the highest level ever recorded by JODI-reporting countries, driven by growth in China and the US. China's total product demand increased by 1.6 mb/d month-on-month to 16.79 mb/d – the third-highest level ever reported for the country in JODI. Global crude oil production fell by 0.5 mb/d in March driven by lower production in the US, China, Angola, Canada, and the UK. Global inventories of refined products fell by 39.6 mb in March while crude inventories declined by 0.7 mb. Total crude and product inventories remain 336 mb below the five-year average. ... (full story)