OPEC Update, September 2024

D Coyne 106 Comments

The OPEC Monthly Oil Market Report (MOMR) for September 2024 was published recently. The last month reported in most of the OPEC charts that follow is August 2024 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the OPEC charts below the blue line with markers is monthly output and the thin red line is the centered twelve month average (CTMA) output. 

Output for June 2024 was revised lower by 27 kb/d and July 2024 output was revised lower by 28 kb/d compared to last month’s report. OPEC 12 output decreased by 197 kb/d with most of the decrease from Libya’s output (219 kb/d.) Iraq decreased by 50 kb/d, Nigeria increased crude output by 57 kb/d, Saudi Arabia saw a decrease of 25 kb/d.

Read More

May Non-OPEC & World Oil Production Drops

Ovi 57 Comments

By Ovi

The focus of this post is an overview of World oil production along with a more detailed review of the top 11 Non-OPEC oil producing countries. OPEC production is covered in a separate post.

Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for oil producing countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to May 2024. This is the latest and most detailed/complete World Oil production information 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. 

World oil production decreased by 687 kb/d in May to 81,036 kb/d, green graph. The largest decreases came from Canada 259 kb/d, Saudi Arabai 200 kb/d and Norway 138 kb/d. June’s World oil production is projected to drop by 249 kb/d to 80,787 kb/d.

Read More