BAKU, Azerbaijan, January 21. OECD crude runs averaged 36.6 million barrels per day (mb/d) in November, marking a 1.4 mb/d increase from October and a 950 thousand barrels per day (kb/d) rise year-over-year, according to the International Energy Agency (IEA), Trend reports.
Utilization rates climbed 3% month-over-month to 85%, driven by Europe’s recovery from maintenance and preparations for winter heating demand.
U.S. refineries saw significant gains, with November runs rebounding by 260 kb/d month-over-month to 19.2 mb/d. Preliminary December data indicates a further increase of 370 kb/d. However, a heavy turnaround season in early 2025 is expected to reduce U.S. crude runs by 1.2 mb/d from December peaks.
European refineries hit a four-month high of 11.7 mb/d in November, 300 kb/d above forecasts, following the conclusion of maintenance and a return from downtime. Asian crude runs also rose, reaching 5.8 mb/d, with stronger activity in Japan and South Korea, although year-ago levels remain unmatched due to weaker margins earlier in 2024.
Looking ahead, OECD runs are projected to decline by 370 kb/d year-over-year in 2025, falling to 35.7 mb/d, as capacity closures in the United States and Europe weigh on activity. While some regions, such as South Korea, are expected to show modest growth, other areas face operational and economic hurdles.