The Bakken and North Dakota production data is out. Big surprise. The Bakken was down 69,420 barrels per day in April while all North Dakota was down 70,414 bpd.
Largest drop ever in North Dakota production. The Bakken is now under one million barrels per day.
The latest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for May, 2016. I have compared these numbers with those published by the EIA in their Short-Term Energy Outlook table 3a. All data is in thousand barrels per day and the last data point in May 2016 except for the projection in the one chart below.
The EIA has OPEC crude production up 238,000 bpd in May to 32,052,000 bpd while OPEC’s “secondary sources” has OPEC production down 100,000 bpd to 32,31,000 bpd in May. The MOMR still has their May production 309,000 bpd more than the EIA.
However that all changes next month, according to the EIA. They have OPEC crude production jumping by 600,000 bpd in June to 32,652,000 bpd. They did not project individual countries however so we have no idea where they believe all that oil is going to come from. Frankly, I just don’t believe it is going to happen.
The EIA’s Short Term Energy Outlook is out. The data is in million barrels per day.
Not much has changed in the EIA’s projection since last month, however their projection for the remainder of this year and next year has increased slightly.
The EIA has apparently stopped publishing its International Energy Statistics. Instead they are now publishing an abbreviated version on their Total Energy web page titled: Tabel 11.1b World Crude Oil Production. Here they publish crude + condensate production numbers for Persian Gulf Nations, Selected Non-OPEC Countries, Total Non-OPEC and World. The “Selected Non-OPEC Producers are Canada, China, Egypt, Mexico, Norway, Russia, United Kingdom and the United States. They have just released their latest data through February 2016.
All the data below is in thousand barrels per day and through February 2016 unless otherwise noted.
They have world C+C peaking, so far, in November 2015 at 80,630,000 bpd. February production was 79,653,000 bpd, or 977,000 bpd below the peak. World C+C production, they say, averaged 80,035,000 in 2015. Average for the first two months of 2016 was 79,933.000 or 102,000 bpd below the average for 2015.
So with world production continuing to decline, there is little doubt that 2016 production will be well below 2015 production.
The North Dakota Oil Production Stats are out. North Dakota crude oil production was down just less than 10,000 barrels per day.
Bakken crude oil production was down 7,743 bpd in March while all North Dakota production was down 9,846 barrels per day.