The Texas RailRoad Comission released their Oil & Gas Production Data with production data through July 2014. The data was actually released Thursday but was all messed up. They corrected their mistake Friday except for condensate. Then yesterday they updated everything. As I have stated before, the RRC data, for the last several months, is incomplete. Nevertheless we can gather some indication of what is happening.
Texas C+C is still increasing at a pretty hefty clip. The EIA data is just an estimate of course but I think it is pretty close to what the data will show when it is all in. I have included six months of data to show how it is increasing month to month.
Texas crude only was down in October and November but has been up every month since. The declines in the last few months is due to incomplete data.
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%.