IEF-2023年九月度石油和天然气数据审查（英）-2023.9-23页_327kb

Oil Highlights from JODI Update (July 2023):

• Global oil demand fell by approximately 3 mb/d month-on-month but remained at a 5-year seasonal high above year-ago levels, driven by declines in China, India, and Indonesia.
• Year-over-year demand increased by 3.4 mb/d, led by China, the US, and India.
• Gasoline demand reached a 5-year seasonal high, with Spain, Italy, and Turkey experiencing record-high demand, while diesel demand returned to the 5-year range.
• Jet fuel demand dipped marginally, still 8% below pre-COVID levels.
• Crude oil production decreased by 1.8 mb/d to a 22-month low, primarily due to lower output in Saudi Arabia, the US, and China.
• China's crude imports reduced by 2.39 mb/d, contributing to a monthly demand decline.
• Saudi Arabia's crude production and exports hit 25-month lows.
• Crude and refined product inventories showed a net build, but they were below the 5-year average by 340 mb.

Gas Highlights from JODI Update (July 2023):

• Natural gas production increased seasonally by 3.1 bcm, led by Norway.
• Demand rose seasonally by 12.8 bcm, with gains driven by the US, Canada, Japan, Egypt, and Italy.
• Russia's gas production remained at 7-year seasonal lows.
• EU+UK demand stayed below seasonal averages, aiding inventory builds to near 85% full.
• Gas inventories increased by 11.7 bcm month-on-month, remaining near the 5-year high.