Research on Seepage and Phase Change Characteristics During Multi-Cycle Injection–Production in Oil Reservoir-Based Underground Gas Storage

China’s natural gas demand is growing under the “dual carbon” goal. However, the peaking capacity of gas storage remains insufficient. Oil reservoir-based underground gas storage (UGS) has, thus, emerged as a critical research focus due to its potential for efficient capacity expansion. The complexity of seepage and phase change characteristics during the multi-cycle injection–production process has not been systematically elucidated. This study combines experimental and numerical simulations to examine the seepage and phase change characteristics. This study innovatively reveals the synergistic mechanism of permeability, pressure, and cycle. The control law of multi-factor coupling on the dynamic peaking capacity of UGS is first expounded. Oil–water mutual drive reduced oil displacement efficiency by 2.5–4.7%. Conversely, oil–gas mutual drive improved oil displacement efficiency by 3.0–4.5% and storage capacity by 4.7–6.5%. The fifth-cycle oil–gas mutual displacement in high-permeability cores (74 mD) under high pressure (22 MPa) exhibited reductions in irreducible water saturation (7.06 percentage points) and residual oil saturation (6.38 percentage points) compared with the first-cycle displacement in low-permeability cores (8.36 mD) under low pressure (16 MPa). Meanwhile, the gas storage capacity increased by 13.44 percentage points, and the displacement efficiency improved by 10.62 percentage points. Multi-cycle huff-and-puff experiments and numerical simulations revealed that post-depletion multi-cycle huff-and-puff operations can enhance the oil recovery factor by 2.74–4.22 percentage points compared to depletion. After five-cycle huff-and-puff, methane content in the produced gas increased from 80.2% to 87.3%, heavy components (C8+) in the remaining oil rose by 2.7%, and the viscosity of the remaining oil increased from 2.0 to 4.6 mPa·s. The deterioration of the physical properties of the remaining oil leads to a reduction in the recovery factor in the cycle stage. This study elucidates seepage mechanisms and phase evolution during multi-cycle injection–production, demonstrating the synergistic optimization of high-permeability reservoirs and high-pressure injection techniques for enhanced gas storage design and efficiency.