IEF – Monthly Oil Gas Data Review, July 2024

The July 2024 IEF Monthly Oil Gas Data Review shows that oil demand in JODI-reporting countries increased by 0.8 mb/d in May but was down 1 mb/d year-on-year, with gains in gasoline and jet fuel demand. Diesel and Kerosene demand decreased month-on-month. Crude oil production fell by 586 kb/d in May, mainly due to lower demand from China and Japan. Saudi Arabia's crude production declined year-on-year, while the US saw an increase. Crude inventories decreased, while product inventories rose. Natural gas production decreased in May but was up year-on-year, with the United States driving the growth. Natural gas demand also fell in May but remained high. EU+UK natural gas demand fell below the 5-year average. Gas inventories increased in May, with EU+UK inventories higher than the 5-year average.