All data below is based on the latest OPEC Monthly Oil Market Report.
All data is through May 2017 and is in thousand barrels per day.
OPEC crude only production was up 336,000 barrels per day in May. The two countries that are not subject to OPEC quotas, Nigeria and Libya, were up a combined 352,000 barrels per day. That means the rest of OPEC was down 16,000 bpd. And all this was after OPEC April production was revised upward by 72,000 barrels per day.
All data below is based on the latest OPEC Monthly Oil Market Report.
All data is through April 2017 and is in thousand barrels per day.
Looking at the above chart it seems obvious what most OPEC nations were doing. They announced in the summer of 2016 that there would likely be quota cuts beginning in 2017. And those cuts would be a percentage of their current production. So everyone began making heroic attempts to increase production by the end of 2016. So now, after everyone who felt that they should cut, has cut, they are right back to the level that they were at before the cuts were proposed.
I wrote the above paragraph last month. I see no reason to change a word of it now.
The OPEC Monthly Oil Market Report is out with OPEC’s crude oil production numbers for March 2017.
All data is through March 2017 and is in thousand barrels per day.
Looking at the above chart it seems obvious what most OPEC nations were doing. They announced in the summer of 2016 that there would likely be quota cuts beginning in 2017. And those cuts would be a percentage of their current production. So everyone began making heroic attempts to increase production by the end of 2016. So now, after everyone who felt that they should cut, has cut, they are right back to the level that they were at before the cuts were proposed.
The new January OPEC Monthly Oil Market Report is out with crude only production numbers for February 2017. All charts are in thousand barrels per day.
All data below is in thousand barrels per day and is through February 2017.
OPEC crude oil production dropped to 31,958,000 bpd in January. That was a drop of 140,000 bpd. In January OPEC production dropped 930,000 bpd for a two month total of 1,070,000 bpd.
Officially OPEC agreed to cut production by 1.2 million barrels per day beginning in January. So they are getting close.
OPEC’s November production of 33,374,000 represented an all time high for the Cartel.
All charts are through February 2016
The OPEC Monthly Oil Market Report just came out. The charts are “Crude Only” production and do not reflect condensate production.
Also the charts, except for Libya, are not zero based. I chose to amplify the change rather than the total. OPEC is now 13 nations with the the addition of Indonesia.
All Data is in thousand barrels per day.
OPEC production was down 174,800 barrels per day in February Read More