A few days ago the EIA published the latest update to its International Energy Statistics. The data is updated through May 2014. The data on all charts below is through May unless otherwise stated and is in thousand barrels per day. Also, all data is Crude + Condensate.
World C+C production was down 72,000 barrels per day in May to 76,540,000 bpd. It was down 708,000 barrels per day since reaching a new all time peak in February of 77,247,000 bpd.
Matt, on his blog Crude Oil Peak, is saying the same thing I have been saying for months. That is US shale oil growth covers up production drop in rest-of-world.
The trend is clearly down and is going to get worse. Below is my graph using the same data.
North Dakota has released their Bakken and North Dakota production numbers for July.
Bakken production was up 19,456 bpd while all North Dakota production was up 18,134 barrels per day. This means that North Dakota production outside the Bakken fell by 1,322 bpd or a little over 2%.
Bakken wells producing increased by 195 to 8,065. North Dakota wells increased by the same amount to 10,952 so non-Bakken wells were unchanged at 2,860.
The latest OPEC Monthly Oil Market Report is out with OPEC production numbers for August 2014. OPEC production was up 230,000 barrels per day but that was after July had been revised upward by 210,000 barrels per day. So OPEC production was up 430,000 bpd from what they reported last month.
OPEC crude only production now stands at 30, 347,000 barrels per day, a one year high.
Saudi Arabia’s production dropped 55,000 bpd in August but that was after their July production had been revised upward by 99,000 bpd.
The Eia’s latest Drilling Productivity Report is out. However they have only updated the PDF file. The spreadsheets have not been updated and still have last month’s data. But I will give you what the PDF file shows and perhaps add some charts tomorrow if they get around to updating the Excel spreadsheets.
The EIA says Bakken new wells will produce 100,000 bpd in October but all the old wells will decline by 73,000 bpd and leave a net increase of 27,000 bpd. If these numbers are correct and September production was 1,152,000 bpd then that means the monthly decline rate is 6.33%.
The EIA says Eagle Ford new wells will produce 154,000 bpd in October but all the old wells will decline by 123,000 bpd and leave a net increase of 31,000 bpd. If these numbers are correct and September production was 1,551,000 bpd then that means the monthly decline rate is 7.93%.
The EIA’s Petroleum Supply Monthly has just come out. That report gives production from individual states as well as offshore production.
The below chart is thousand barrels per day with the last data point June 2014.
For February, March and April there is about 60 thousand barrel per day difference between what the EIA and BSEE reports. Eventually the EIA and BSEE will be the same and it will be the EIA data that suffers the greatest revisions. I believe they have the June GOM numbers quite a bit too high here.
The EIA is still tweaking its guess as to what Texas production will be when it finally comes in.