The OPEC Monthly Oil Market Report (MOMR) for February 2024 was published recently. The last month reported in most of the OPEC charts that follow is January 2024 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the OPEC charts that follow the blue line with markers is monthly output and the thin red line is the centered twelve month average (CTMA) output.
The OPEC Monthly Oil Market Report (MOMR) for December 2023 was published recently. The last month reported in most of the OPEC charts that follow is November 2023 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In many of the OPEC charts that follow the blue line with markers is monthly output and the thin red line is the centered twelve month average (CTMA) output.
By Ovi
This month’s report is a shorter version of previous posts because the EIA’s International Energy Statistics update for June is not available. Information from other sources such as OPEC, the STEO and country specific sites such as Brazil, Norway and China is used to provide a short term outlook for future output and direction for a few of these countries and the world.
Where STEO data was used, the ratio of C + C to All Liquids was calculated. The average for the last four months was used to project June, July and August production for a few countries.
World oil production and projection charts are presented at the end of this post.
The October STEO is projecting June Non-OPEC oil production to increase by 1,069 kb/d to 51,079 kb/d. Close to 500 kb/d of that increase is associated with the upward revision of Russian output from last month. In the previous EIA May report, Russian condensate was not included in Russian production.
Read MoreThe EIA’s Short Term Energy Outlook (STEO) was published in early September. The chart below estimates World C+C by using the STEO forecast combined with past data from the EIA on World Output.
