Oil Production and Revenue Fluctuations Impact Global Market

Global oil production fell to a seven-month low in January due to lower output in major producers Canada, Iraq, Russia, and Bahrain, according to data from the Joint Organizations Data Initiative (JODI). Global consumption dropped seasonally in January, and global inventories of crude and oil products increased to an 11-month high. Natural gas consumption in the EU and the UK combined slumped to a five-year seasonal low in January due to reduced industrial and household consumption and milder weather.