IEF – Monthly Oil Gas Data Review, Mar 2024

In March 2024, the IEF Monthly Oil Gas Data Review revealed that oil demand in JODI-reporting countries decreased by 1.7 mb/d in January but increased by 0.87 mb/d compared to the previous year. The decline in demand was mainly driven by Indonesia, the US, Japan, and Germany, with China's data for January not included in the update. Crude oil production dropped by nearly 600 kb/d in January and was down by 1.3 mb/d year-on-year, with significant decreases in Saudi Arabia and Iraq offset by gains in the US and Canada. Saudi Arabia's crude production slightly increased while crude exports decreased to a three-month low. Crude inventories and product inventories built up in January but remained below the 5-year average. In the gas sector, natural gas production was at a seasonal high in January while demand rose seasonally, led by strong US demand and weaker European demand. Gas inventories fell seasonally but were still at a high level, with EU+UK inventories nearly 70% full at the end of the month.