The Texas RRC Data is out. All RRC data below is through May. The EIA data is through April.
There appears to be an increase in Texas May crude oil production. You will notice that the EIA has departed from their usual practice of just estimating Texas C+C production up about 50,000 bpd for every month for the last six months or so. They have a new method or estimating Texas production which is explained in the first link below the charts.
Weekly oil shipments by rail can be found on the web at Weekly Carload Reports. And a summation of that data with charts can be found at Association of American Railroads Freight Rail Traffic Data.
Crude oil by rail basically started with the shale boom. Prior to that almost all oil was shipped by pipeline. Of course a lot of oil was trucked to the pipelines. The EIA says in the first seven months of 2014 8 percent of all us crude and refined products was shipped by rail. It looks like that percentage was increased somewhat in the second half of 2014.
The July OPEC Monthly Oil Market Report is out with all OPEC Crude Only production data for June 2015.
Crude Only production for the entire OPEC 12 as up 283,000 barrels per day in June to 31,378,000 bpd. But that was after May production had been revised up by 120,000 bpd. So counting May’s revisions and June’s numbers, OPEC production was up 403,000 bpd from what was originally reported last month.
The Bakken and North Dakota production data fir May is in.
Bakken production was up 33,352 bpd and North Dakota production was up 32,114 bpd. This is quite a shocker. I had not expected production to be up this much. Bakken barrels per day, in May, stood at 1,142,034 and all North Dakota barrels per day was at 1,201,159.
This is a guest post by Dennis Coyne
The views expressed are those of Dennis Coyne and do not necessarily reflect the views of Ron Patterson.
The post that follows relies heavily on the previous work of both Paul Pukite (aka Webhubbletelescope) and Jean Laherrere and I thank them both for sharing their knowledge, any mistakes are my responsibility.
In a previous post I presented a simplified Oil Shock model that closely followed a 2013 estimate of World C+C Ultimately Recoverable Resources (URR) by Jean Laherrere of 2700 Gb, where 2200 Gb was from crude plus condensate less extra heavy oil (C+C-XH) and 500 Gb was from extra heavy (XH) oil resources in the Canadian and Venezuelan oil sands.
In the analysis here I use the Hubbert Linearization (HL) method to estimate World C+C-XH URR to be about 2500 Gb. The creaming curve method preferred by Jean Laherrere suggests the lower URR of 2200 Gb, if we assume only 200 Gb of future reserve growth and oil discovery.
Previously, I have shown that US oil reserve growth (of proved plus probable reserves) was 63% from 1980 to 2005. If we assume all of the 200 Gb of reserves added to the URR=2200 Gb model are from oil discoveries and that in a URR=2500 Gb, oil discoveries are also 200 Gb, then 300 Gb of reserve growth would be needed over all future years (we will use 90 years to 2100) or about 35% reserve growth on the 850 Gb of 2P (proved plus probable) reserves in 2010. I conclude that a URR of 2500 Gb for C+C-XH is quite conservative.
A problem with the Hubbert Linearization method is that there is a tendency to underestimate URR.