IEF – Monthly Oil & Gas Data Review

In the IEF – Monthly Oil & Gas Data Review, it was reported that oil demand in JODI-reporting countries increased by 1.2 mb/d in February compared to the previous month and was up 1.1 mb/d year-on-year. The rise in demand was primarily driven by gasoline and jet fuel, with gasoline demand reaching a 5-year seasonal high. However, diesel and LPG demand decreased compared to the previous month. Crude oil production also increased in February, particularly in the US following weather-related shutdowns in January. Despite this increase, crude production was down 1.2 mb/d year-on-year, with significant declines in Saudi Arabia and Iraq partially offset by gains in the US. Saudi Arabia's crude production and exports both rose in February to their highest levels in months. Crude inventories built up during the month, but remained below the 5-year average, while product inventories decreased but were still above average.