GoM C&C production for July by BOEM was 1746 kbpd and by EIA 1761, compared with, respectively, 1631 and 1634 kbpd (corrected) in June. The EIA number is a new peak, the BOEM one is still 24 kbpd short of their March numbers. The growth was from Thunder Horse (partially), Constitution and Baldpate/Salsa (which is mostly gas) coming back on-line, plus continued ramp-up in Stones and Marmalard.
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Colombia production is holding a plateau over the past year after a large decline in the last part of 2015 and first half of 2016. August value was 858 kbpd (down 0.04% y-o-y).
Colombia oil reserves at the end of 2016 were 1.66 Gb (down 16.8% from 2 Gb in 2015 which followed a drop from 2.31 Gb in 2014). At the average 2016 production rate of 885 kbpd this gave an R/P of 5.1 years, the lowest for any significant producing country. Most of their production is heavy oil. Ecoptrol, which accounts for more than three quarters of Colombia’s crude and natural gas reserves and output, estimated about 45% of their decline was due to the “pronounced fall in oil prices”. Read More
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All data below is based on the latest OPEC Monthly Oil Market Report.
All data is through September 2017 and is in thousand barrels per day.
The above chart does not include the 14th member of OPEC that was recently added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add them at all. OPEC production has held steady for the past four months. Equatorial Guinea production is tiny, 141,000 bpd so their monthly change in production can be ignored without much effect. OPEC 14 production was up 88,000 barrels per day in September. But that was after their August production had been revised downward by 82,000 bpd.
The OPEC 13, (not including Equatorial Guinea), peaked in 2016 at 32,385 kbpd and are down 150 kbpd for the first 9 months of 2017. Please note that when I say “peaked” I mean “peaked so far“. I am well aware of the fact that OPEC, or some OPEC nations may have further peaks in the future.