Are Non-OPEC’s Best Days in the Rear-view Mirror

A post by Ovi at peakoilbarrel.

While this post updates Non-OPEC production to January 2020, we are now in late May and the direction for future production for the next few years is clear, LOWER than where it was in March 2020. OPEC, in response to the reduced worldwide demand, arranged for a production reduction through a Declaration of Cooperation (DoC) with OPEC and Non-OPEC countries. Also Canada and Norway have indicated they will be cutting production in response to world wide reduced demand. The OPEC + DoC reduction schedule and chart are shown and discussed at the end of this post.

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World Oil Production, February 2019 Data.

The data for the charts below are from the EIA’s Monthly Energy Review. I will update this post Friday, May 31st with March data for the USA and charts for several states when the EIA’s Petroleum Supply Monthly is published. All data is through February 2019 and is thousand barrels per day.

World C+C production was down only slightly in February, dropping only 87,000 barrels per day to 82,389,000 bpd.

It is my contention that World, less USA peaked in November 2016 with the 12 month average peaking in 2017.

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