Following an 11.0% increase in September, primary energy production rose another 7.7% year over year to 1.9 million terajoules in October—the highest production level since January 2021. Crude oil (+10.8%) and natural gas (+6.4%) accounted for most of the growth in primary energy production. In contrast, secondary energy production fell 1.2% year over year, mostly on lower refinery and coke production. Overall, however, energy production increased in four of the nine commodity groups in October.
Total energy exports increased 5.3% year over year in October because of higher volumes of natural gas (+14.8%), crude oil (+4.6%) and coal (+14.6%) exported primarily to the United States. A combination of increased volumes and high prices for energy products led to substantial growth in energy exports in October, surpassing the previous record set in 2014. During the same period, total energy imports were down 9.5%—the first year-over-year decline in seven months, mostly as a result of reduced demand for crude oil and natural gas.
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