ief-每月油气数据审查-来自最新JODI油气数据库更新的总结结果（英）-2022.4-20页_328kb

Monthly Oil & Gas Data Review Summary – April 2022

Core Content Overview

This summary presents key findings from the latest update of the JODI (Joint Oil Data Initiative) oil and gas databases, with data through February 2022. It highlights trends in oil and gas demand, production, and inventories across JODI reporting countries.

Oil Highlights

Demand

• Oil demand in JODI reporting countries reached 99% of February 2019 levels in February 2022.
• Demand was above seasonal levels for gasoline, diesel, and LPG, with a combined increase of nearly 4 million barrels per day (mb/d).
• Jet fuel demand remained 28% below pre-COVID levels.

Production

• Crude oil production in February 2022 was at 97% of pre-COVID levels.
• The US, Nigeria, Angola, Iraq, and the UK saw significant reductions in production compared to pre-pandemic levels.

Inventories

• Crude oil inventories were 284 million barrels (mb) below the 5-year average.
• Product inventories decreased by ~24.5 mb m/m, and are now ~81 mb below the 5-year average.
• Total crude and product stocks are 485 mb below the 5-year average.

Refinery Intake

• Refinery intake increased counter-seasonally in February and reached 99% of pre-COVID levels.

Gas Highlights

Demand

• Natural gas demand in JODI reporting countries was at 99% of February 2021 levels and 6.2 bcm above the 5-year average.
• The US saw a +14.8 bcm increase compared to the 5-year average, while Japan, Canada, the UK, and the Netherlands experienced declines.

Production

• Gas production in February reached a seasonal high, 14% above year-ago levels, mainly due to record US production (up 14.4 bcm y/y or ~20%), driven by a low baseline from the 2021 Texas winter storm.

Exports

• Total gas exports were near a 5-year seasonal high, driven by robust LNG exports, particularly from the US.
• LNG exports reached 27.9 bcm, a seasonal high for JODI reporting countries.
• Pipeline exports remained below the 5-year average.

Inventories

• Gas inventories declined by ~26 bcm m/m, less than the seasonal norm of ~32 bcm.
• Inventories are now 19.9 bcm below the 5-year average.

Key Statistics

Main Points

• Oil demand rebounded in February 2022, surpassing the seasonal norm, but jet fuel remained weak.
• Crude production was slightly below pre-COVID levels, with the US being the largest contributor to the decline.
• Gas production hit a seasonal high, largely due to US output, while gas demand was marginally below 2021 levels.
• LNG exports from the US surged, contributing to near-record gas exports.
• Inventories for both crude and product remain below 5-year averages, indicating tight supply conditions in the oil sector and moderate stock levels in the gas sector.

Conclusion

The JODI data for February 2022 shows a recovery in oil demand, with gasoline, diesel, and LPG outperforming pre-pandemic levels. However, jet fuel demand remains subdued. In the gas sector, production and exports are at seasonal highs, particularly due to US LNG exports, while inventories are still below the 5-year average, suggesting ongoing market tightness.