North Dakota has just come out with their oil production numbers for July 2016. Bakken production was up by 3,046 barrels per day while all North Dakota production was up 2,376 barrels per day.
The EIA’s Drilling Productivity Report missed it for July. They will make the correction next month.
I told Dennis that I was not going to post anymore but I just found a lot of time on my hands and decided to update the OPEC numbers from the MOMR that came out yesterday.
The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016. All charts are through August 2016.
OPEC crude only production reached 33,237,000 barrels per day in August. This includes Gabon.
The Bakken and North Dakota production data is out.
Bakken production was up 6,540 barrels per day while all North Dakota production was up 5,383 bpd. This was not posted as a correction to last months data though it looks that is exactly what it is. Last months data was twice as much as it should have been so now it is correct. Notice the data from the Drilling Productivity Report. It appears to have June data exactly correct, or very nearly so. Of course that is all the Bakken, including the Montana Bakken.
The new OPEC Monthly Oil Market Report is out with crude only production numbers for June 2016. OPEC added Gabon to its member countries this month. But I do not have historical production numbers for Gabon so this report does not include Gabon.
OPEC crude only production reached 32,643,000 barrels per day, (not including Gabon). This was an increase of just over a quarter of million barrels per day. See exact data below.
This is a guest post by “Political Economist” and does not necessarily represent the opinions of Ron Patterson.
World Energy 2016-2050: Annual Report
“Political Economist”
June 2016
The purpose of this annual report is to provide an analytical framework evaluating the development of world energy supply and its impact on the global economy. The report projects the world supply of oil, natural gas, coal, nuclear, hydro, wind, solar, and other energies from 2016 to 2050. It also projects the overall world energy consumption, gross world economic product, and energy efficiency from 2016 to 2050 as well as carbon dioxide emissions from fossil fuels burning from 2016 to 2100.
The basic analytical tool is Hubbert Linearization, first proposed by American geologist M. King Hubbert (Hubbert 1982). Despite its limitations, Hubbert Linearization provides a useful tool helping to indicate the likely level of ultimately recoverable resources under the existing trends of technology, economics, and geopolitics. Other statistical methods and some official projections will also be used where they are relevant.
Past experience with Hubbert Linearization suggests that Hubbert Linearization exercise tends to underestimate the ultimately recoverable oil and natural gas resources. To mitigate this “pessimistic” bias, I use the US Energy Information Administration (EIA)’s official projection to project US oil and natural gas production from 2016 to 2040, which may prove to be too optimistic.
About two years ago, I posted “World Energy 2014-2050” at Peak Oil Barrel (Political Economist 2014). The posts can be found here:
World Energy 2014-2050 (Part 1)
World Energy 2014-2050 (Part 2)