Update: OPEC January MOMR with December Production Data

The OPEC January Monthly Oil Market Report is out with crude only production data through December 2012. Total OPEC crude only was 29,223,000 barrels per day, down 20,000 barrels per day. But that was after November production was revised down by 170,000 bp/d. So December production was down 190,000 bp/d from what they originally reported last month.

OPEC 12

 

Big movers were Iraq and Libya. Iraqi November production was revised down by 132,000 bp/d and their December production was down another 55,000 bp/d meaning they were down 187,000 from what was originally reported last month.

Iraq

Libyan November production was revised down by 110,000 bp/d but they were flat from the new revised number in December.

Libya

However there are reports that Libyan production had increased to 600,000 bp/d by mid January.

I am of the opinion that every OPEC country, including Saudi Arabia, is now producing flat out. Production varies from month to month because they keep on drilling new horizontal wells, pulling the cream right off the top of the reservoirs. They did cut production back in late 2008 but within a year every country except Saudi Arabia, Kuwait and the UAE was back to producing flat out again. Then when the Libyan revolution hit in 2011 these three began production producing flat out again.

Of course Libya and Iran could produce more but both are producing all they can “under the current circumstances”. But circumstances will always vary and limit production as Iraq is very aware of. So all we can do is look at production as it is today, not what it might be “if only”.

SA+UAE+Kw

The OPEC MOMR used to report production numbers from “secondary sources” only. But Venezuela complained that their production was being under reported. So OPEC started then reporting two sources of data, one from those “secondary sources” and another from “direct communication”. Direct communication means: “We called them up and asked them and this is what they told us.”

Secondary Sources

Secondary Sources 2

I know you are wondering just who those “secondary sources” are. Well so am I but I would guess they are kind of an average of several sources, Platts being just one of them.

The page OPEC Charts has been updated with the December production data from the latest OPEC MOMR. Crude only production charts of all 12 OPEC countries are posted there.

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98 Responses to Update: OPEC January MOMR with December Production Data

  1. aws. says:

    Propane companies struggle to get supplies into Maine

    BANGOR, Maine (NEWS CENTER) — With confusion over whether there is a shortage of propane, the Propane Gas Association of New England says that there is plenty of supply, but that the issue is with transportation and infrastructure.

    The deadly train explosion last year in Lac Megantic, Quebec caused suppliers to use alternate train routes that can’t handle the loads. That backed up supplies according to Senior Planner for the Governor’s Energy Office, Lisa Smith.

    “All those delays have caused the rail shipments to be two, three weeks behind,” said Smith.

  2. aws. says:

    EIA : Distillate (Heating Oil and Diesel)

    Interesting how gasoline has been at the top of the 5-year average for a year and distillate has been at the bottom of the 5-year average for the last year and a half.

    Lots of that Bakken BCO (Barely Crude Oil) yielding small fractions of distillate might do that? Not sure if that is the whole story but must be part of it.

  3. aws. says:

    Koch Ends Plans for Pipeline to Illinois From Bakken

    By Lynn Doan, Bloomberg, Jan 21, 2014 7:36 PM ET

  4. Anonymous says:

    Some local propane retailers are shorting their customers on the small containers commonly used to bbq outside and by some people to run their kitchen ranges and even to heat their homes.

    They are charging the same price for refills but putting in substantially less.

    If questioned they point to a small inconspicuous sign that gives the new higher price but a lot of customers don’t realize that other retailers still fill the tank all the way for the same money.

    There has been no legal action taken so far about this to my knowledge but I have heard about a retailer being accused of thievery and persuaded to refund the difference rather than being hauled into court.

    • The above comment was wrongly attributed to “Anonymous”. The author posted me and informed me of such. If anyone else has this problem please let me know.

      Ron DarwinianOne at Gmail.com

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