The latest OPEC Monthly Oil Market Report is out. There were no big surprises.
OPEC crude only production was up 23,000 bpd in May but that was after April had been revised upward by 110,000 bpd.
Almost no change is Saudi production, down 5,000 bpd to 10,107,000 bpd.
The EIA has released its latest Drilling Productivity Report. There were some interesting data presented in the report.
They say the Bakken peaked at 1,311,703 barrels per day in March and will have declined by 74,763 bpd in July.
The EIA says the Bakken will get 51,000 barrels per day in July from new wells but legacy wells will decline by 80,000 barrels per day leaving a decline of 29,000 bpd.
The EIA publishes every possible energy stat for the USA and hardly anything for the rest of the world. Well, anything current for the rest of the world anyway. Their International Energy Statistics is already five full months behind and working on six. December 2014 is the last international oil production data we have.
Anyway during this lull in other data I decided to look at the last three years of international data, from December 2011 to December 2014. All data is in thousand barrels per day.
World C+C production was flat for most of 2012 and 2013 but in late 2013 production took off and has increased by about 3 million barrels per day above the average for 2012 and 2013. December C+C production was 79,300,000 BPD.