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Broad Slowdown in Global Oil, Gas Activity in March, IEF Data Shows

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Global oil demand weakened in March as crude output, exports, and inventories posted steep declines, according to the Monthly Oil and Gas Data Review by the International Energy Forum on Wednesday.

The Joint Organizations Data Initiative oil database received March updates from 49 countries, while 54 countries updated natural gas data, the forum said.

JODI data showed March crude exports dropped 3.7 million b/d from February. Over the year, crude exports and imports fell by 1.4 million b/d and 1.1 million b/d, respectively.

Oil production declined 5.4 million b/d in March, while product inventories increased 23.3 million barrels, JODI data showed.

Total oil product demand rose 2.3 million b/d over the year in March, while falling 913,000 b/d from February levels.

Oil production in JODI-reporting countries declined 3.1 million b/d over the year in March, while crude inventories fell 82.1 million barrels below the five-year average, the data showed.

Gasoline demand climbed 605,000 b/d over the month and increased 1.1 mb/d over the year, while diesel demand fell 461,000 b/d in March, according to the report.

Liquefied petroleum gas demand fell 883,000 b/d in March, while naphtha demand declined 977,000 b/d from February levels, the data showed.

JODI data showed that China's crude imports declined by 241,000 b/d in March, while India's imports fell by 618,000 b/d from February levels.

Crude oil output declined by 5.4 mb/d over the month in March, while natural gas liquids production edged up 113,000 b/d.

Saudi Arabia reduced crude production by 3.9 mb/d in March, with crude exports declining by 2.3 mb/d from February levels, the report said.

Crude inventories declined 14.4 million barrels in March, while refined product inventories increased 23.3 million barrels over the month, according to JODI data.

Natural gas demand dropped 26.3 billion cubic meters in March from February and fell 11.1 Bcm from a year earlier, the IEF said.

Gas exports declined 5.6 bcm over the month and 7 bcm over the year, while liquefied natural gas exports dropped 6.6 bcm in March, the report showed.

Natural gas production increased 0.7 bcm from February levels, but dropped 22.8 bcm from March 2025 volumes, according to JODI data.

JODI data showed gas inventories declined by 1 bcm over the month in March.

European Union and UK gas demand declined 8.2 bcm in March, while gas inventories decreased 0.9 bcm over the month, the report said.

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