2023-10-25-IEF-2023年十月度石油和天然气数据审查_23页_304kb

Monthly Oil & Gas Data Review - October 2023 Summary

• Oil Demand: Rebounded in August to record seasonal highs, with the month-on-month increase driven by China, Indonesia, US, Saudi Arabia, and India. Year-over-year gains were led by China, US, Canada, and India, totaling 4.8 million barrels per day increase. Gasoline demand reached 5-year seasonal highs in Spain, Italy, UK, and Turkey, while diesel and fuel oil demand were at the top of the 5-year range. Jet fuel demand fell slightly, remaining 6% below pre-COVID levels.

• Oil Production: Crude production fell by 350 thousand barrels per day in August to a 22-month low, primarily due to declines in Saudi Arabia, US, and Norway. Saudi crude production dropped by 95 thousand barrels per day to a 28-month low for exports, which fell by 428 thousand barrels per day. Crude imports in China rebounded by 2.2 million barrels per day to 12.5 million barrels per day, above year-ago levels. Overall oil inventories increased net in August but remained 340 million barrels below the 5-year average.

• Gas Demand and Production: Natural gas production remained above the 5-year seasonal range despite a small net decline, led by Norway and the UK. Demand increased slightly due to strong growth in the US, Canada, India, and Qatar. EU+UK gas demand stayed low, near the bottom of the 5-year range. Inventories rose seasonally by 11.6 billion cubic meters, ending near 93% full in EU+UK, close to the top of the 5-year range.

• Key Highlights: 50 countries updated oil data with August 2023 figures, and 55 countries provided gas data. Russian data was absent since March. Demand in key countries showed seasonal extremes, such as gasoline highs in UK and Turkey, and lows in Nigeria and Germany.