IEF – Monthly Oil & Gas Data Review, May 2024

In March 2024, oil demand increased by 1.3 mb/d in JODI-reporting countries, driven by gasoline demand, but was lower compared to the previous year. Chinese oil demand also rose significantly, while global crude oil production saw a slight increase. However, there was a significant decrease in crude production compared to the previous year, with notable declines in Saudi Arabia and Iraq. Saudi Arabia's crude production fell slightly, while exports reached a 9-month high. Crude inventories decreased, while product inventories increased slightly. Overall, the oil market showed a mix of positive and negative trends in March.