IEF-2025年6月度石油和天然气数据审查（英）-2025.6_20页_2mb

报告摘要

Monthly Oil & Gas Data Review Summary - June 2025

Core Content

This summary outlines the key changes in oil and gas demand, production, and inventories for JODI-reporting countries as of April 2025. The data reflects both month-on-month (m/m) and year-on-year (y/y) trends, with insights on major contributors and inventory levels relative to the 5-year average.

Oil Overview

Month-on-Month (m/m) Changes

Oil demand increased by 1.58 mb/d compared to March 2025.
Refinery intake rose by 298 kb/d.
Crude production increased by 202 kb/d.
Crude inventories increased by 28.3 mb.
NGL production decreased by 140 kb/d.
Product inventories increased by 6.6 mb.

Year-on-Year (y/y) Changes

Oil demand increased by 1.68 mb/d compared to April 2024.
Crude production increased by 1.16 mb/d.
NGL production increased by 310 kb/d.
Refinery intake increased by 351 kb/d.

Key Drivers

Oil demand growth was mainly driven by the US (+1.4 mb/d), Italy (+293 kb/d), and Turkey (+100 kb/d).
Year-on-year demand growth was led by US (+1.4 mb/d), Nigeria (+268 kb/d), Italy (+255 kb/d), Canada (+245 kb/d), and Turkey (+84 kb/d).
Gasoline demand increased by 1.2 mb/d m/m, while Diesel demand decreased by 82 kb/d.
LPG demand fell by 287 kb/d, and Naphtha demand remained stable at -3 kb/d.

Crude Production

Crude production rose by 202 kb/d m/m and 1.16 mb/d y/y.
Main contributors to the m/m and y/y growth: Nigeria (+85 kb/d), Canada (+61 kb/d), and Saudi Arabia (+48 kb/d).

Crude Inventories

Crude inventories increased by 28.3 mb m/m, but remained 173.6 mb below the 5-year average.
Product inventories increased by 6.6 mb m/m, but were 52 mb below the 5-year average.

Gas Overview

Month-on-Month (m/m) Changes

Gas demand declined by 23.5 bcm m/m, settling close to the last 5-year average.
Gas production decreased by 10.7 bcm m/m but increased by 8 bcm y/y.

Year-on-Year (y/y) Changes

Gas demand increased by 2.8 bcm compared to April 2024.
Gas production increased by 8 bcm y/y.
Gas inventories rose by 7 bcm m/m but declined by 27.5 bcm y/y.

Key Drivers

Month-on-month decline in gas production was mainly due to Russia (-6.9 bcm), Malaysia (-1.3 bcm), Qatar (-1.2 bcm), Norway (-1 bcm), and Azerbaijan (-0.35 bcm).
Year-on-year growth in gas production was driven by US, Russia, and Nigeria.
Month-on-month decline in gas demand was led by US (-9 bcm), Germany (-2.4 bcm), Italy (-2 bcm), UK (-1.9 bcm), France (-1.4 bcm), Japan (-1.2 bcm), Turkey (-1 bcm), and Netherlands (-0.8 bcm).
EU+UK gas demand fell by 11.5 bcm m/m, settling at 28.2 bcm.
EU+UK gas inventories increased by 5.5 bcm m/m, but were 12.1 bcm below the 5-year average.

Key Highlights

Oil Highlights

Crude production rose by 202 kb/d m/m, with Nigeria, Canada, and Saudi Arabia as the main contributors.
Crude exports from Saudi Arabia increased by 412 kb/d in April.
Crude imports in South Korea rose by 67 kb/d.
Total product demand in South Korea increased by 43 kb/d m/m.

Gas Highlights

Natural gas production declined by 10.7 bcm m/m, but increased by 8 bcm y/y.
Natural gas demand decreased by 23.5 bcm m/m, but rose by 2.8 bcm y/y.
Gas inventories increased by 7 bcm m/m, but decreased by 27.5 bcm y/y.