By Ovi
All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM which provides updated information up to June 2023.
U.S. June oil production increased by 207 kb/d to 12,844 kb/d. The large increase is primarily due to a 147 kb/d increase in the GOM.
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Read MoreThe EIA’s Short Term Energy Outlook (STEO) was published in early August. The chart below estimates World C+C by using the STEO forecast combined with past data from the EIA on World Output.
The EIA’s Short Term Energy Outlook (STEO) was revised higher in August compared to July. World C+C output is expected to decrease in the second and third quarters of 2023 and then increase over the next 5 quarters. Annual average World C+C output increases by about 1000 kb/d in 2023 to 81743 kb/d and then to 82967 kb/d in 2024, less than 50 kb/d below the centered 12 month average peak in 2018. This month’s World C+C estimates are about 300 kb/d higher than last month for 2023 and 400 kb/d higher for 2024 due to the revisions in the STEO forecast this month.
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Read MoreThe OPEC Monthly Oil Market Report (MOMR) for August 2023 was published recently. The last month reported in most of the OPEC charts that follow is July 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.
