OECD OIL PRODUCTION DOWN 9.4%

IEA - Jan 19, 2021 - MONTHLY OECD OIL  STATISTICS, October 2020

Total OECD indigenous production of crude oil, NGL and refinery feedstocks decreased by 9.4% in October 2020 compared to October 2019. This trend was led by a decline of 10.8% y-o-y¹ in the OECD Americas, where output in the United States fell by 13.6% y-o-y due to an active hurricane season unleashed by Hurricane Laura, which considerably reduced crude oil supply in the Gulf of Mexico. OECD Asia Oceania also experienced a decrease (-10.9% y-o-y). Meanwhile, production in OECD Europe increased by 1.0% y-o-y in October 2020, due to a continuous production growth in Norway (+7.3% y-o-y). Overall, total OECD production fell by 2.3% on a year-to-date basis (y-t-d²).

Total OECD refinery gross output of total products decreased by 11.8% in October 2020 compared to October 2019. This decline was mainly driven by declines in output of total kerosene (-48.6% y-o-y) and gas/diesel oil (-8.4% y-o-y). This pattern was observed across all OECD regions and for all products. More specifically, OECD Europe experienced the largest percentage drop (-13.5% y-o-y). Overall, total OECD refinery gross output declined by 12.3% on a year-to-date basis.

Total OECD net deliveries of total products decreased by 11.4% in October 2020 compared to October 2019, due to decreases in net deliveries of total kerosene (-47.9% y-o-y), total gasoline (-10.4% y-o-y) and gas/diesel oil (-7.6% y-o-y). This trend was once again observed in all OECD regions. These declines reflect the persistent slowdown of road and air activities due to the measures to contain the Covid-19 pandemic. In the OECD Americas, particularly, net deliveries of total kerosene and total gasoline fell by 43.2% y-o-y and 11.4% y-o-y, respectively. Among OECD countries, the most prominent drops in net deliveries were observed in the United States (-10.5% y-o-y), Mexico (-27.8% y-o-y) and Canada (-18.6% y-o-y). Total OECD oil stock levels on national territory decreased by 7451 kt in October 2020 compared to closing stock levels in September 2020, and closed at 557 million metric tons. Stock draws were observed across all OECD regions, particularly in the OECD Americas (-4960 kt), followed by OECD Europe (-2305 kt). For the total OECD, stock draws were observed for both total products (-4676 kt) and crude oil, NGL and refinery feedstocks (-2775 kt). While stock draws were observed for both middle distalltes (-1760kt) and residual fuel oil (-829 kt), total gasoline showed a stock build of 605 kt, due to builds in OECD Europe (+719 kt). 

1 Year-on-year (y-o-y) change over corresponding month of previous year.

2 Year-to-date (y-t-d) change over corresponding period (beginning of year to current month) of previous year.

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