IEF – Monthly Oil Gas Data Review, Sep 2023

The Monthly Oil Gas Data Review for September 2023, published by the International Energy Forum (IEF), provides a comprehensive analysis of the global oil and gas industry. This report highlights several key trends and developments shaping the sector. In terms of global oil production, September saw an increase of 2.4 million barrels per day (mb/d) compared to the previous month. This growth was driven by higher production levels in several major oil-producing countries, including the United States, Saudi Arabia, and Russia. Additionally, OPEC production also rose by 1.3 mb/d, contributing to the overall increase in global supply. On the demand side, global oil consumption experienced a slight decline in September compared to August, primarily due to decreased demand in China and India. However, the demand for natural gas continued to rise, particularly in Asia and Europe. This increase in gas consumption can be attributed to the ongoing transition towards cleaner energy sources and the higher use of natural gas in power generation. Furthermore, the report highlights the impact of geopolitical events on the oil and gas industry. The ongoing tensions in the Middle East and the potential disruptions to oil supply from major producers in the region remain a concern for global energy markets. Additionally, the shift towards renewable energy sources and the increasing role of electric vehicles also pose challenges and opportunities for the oil and gas sector. Overall, the IEF's Monthly Oil Gas Data Review provides valuable insights into the dynamics of the global oil and gas industry, covering production, consumption, and the impact of various factors shaping the sector.