IEF – Monthly Oil & Gas Data Review, Nov 2024

The "Monthly Oil & Gas Data Review, Nov 2024" by the International Energy Forum (IEF) provides a comprehensive analysis of the global oil and gas markets, highlighting key developments and trends. In this edition, the IEF reports that oil demand in JODI-reporting countries rose by 1.48 million barrels per day (mb/d) in August, marking a year-on-year increase of 1.28 mb/d. This growth was primarily driven by a 4% year-on-year rise in gasoline demand. Conversely, diesel, jet fuel, and LPG demand declined by 362 thousand barrels per day (kb/d), 136 kb/d, and 72 kb/d, respectively, on a month-on-month basis. Crude oil production remained stable with a slight gain of 5 kb/d in August, up by 637.5 kb/d year-on-year. Notably, Canada and the US contributed significantly to this increase, with production rising by 290 kb/d and 278 kb/d year-on-year, respectively. Crude inventories fell by 0.51 million barrels in August, positioning them 231 million barrels below the five-year average. Product inventories rose by 30.9 million barrels month-on-month but remained 15.1 million barrels below the five-year average.