The OPEC Monthly Oil Market Report (MOMR) for March 2023 was published recently. The last month reported in most of the OPEC charts that follow is February 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 is monthly output and the red line is the centered twelve month average (CTMA) output.
Comments not related to oil or natural gas production in this thread please. Thanks.
Comments not related to oil or natural gas production in this thread please. Thanks.
Read MoreComments not related to oil or natural gas production in this thread please. Thanks.
The Short Term Energy Outlook (STEO) was published by the US Energy Information Administration (EIA) on February 7, 2023. For most nations except the US and total OPEC crude oil output the forecast for future production is for total liquids only. In this month’s post I will try to estimate the crude plus condensate (C+C) output indicated by the STEO total liquids estimate for the top 10 non-OPEC producers and the World minus the top 10 non-OPEC producers. I will focus on quarterly output so that we can compare with recent OPEC estimates for World supply and demand in 2023. The estimate for C+C uses historical output of both C+C and total liquids and uses the average of the ratio of C+C to total liquids for the past 12 quarters (2019Q4 to 2022Q3) for the top 10 non-OPEC producers (except the US where a C+C forecast is provided) and for the World minus the top 10 non-OPEC producers. In most of the charts that follow the units on the vertical axis are kb/d of C+C output.
