OPEC May Production Data

The below charts, unless otherwise noted, were taken from the OPEC Monthly Oil Market Report. The data is through May, 2019 and is in thousand barrels per day.

OPEC crude only production was down 236,000 barrels per day in May but that was after April production had been revised upward by 82,000 bpd.

Iranian April production was revised upward by 43,000 bpd and Saudi Arabia April production was revised upward by 24,000 bpd.

Read More

OPEC March Data and Saudi Report

The below OPEC charts were taken from data in the OPEC Monthly Oil Market Report. All data is through March 2019 and is in thousand barrels per day.

There was another big decline in OPEC production in March, down 534,000 barrels per day.

The decline was mostly Saudi Arabia, Venezuela, and Iraq.

Iran, Libya and Venezuela are exempt from quotas. Everyone except Saudi Arabia are near their quota. Saudi is over half a million barrels per day below their quota.

Read More

OPEC February Production Data

The following OPEC charts were created with data from the OPEC Monthly Oil Market Report. All OPEC charts are through February 2019 and is in thousand barrels per day.

OPEC crude oil production was down 221,000 barrels per day in February. That was after December production had been revised downward by 13,000 bpd and January production revised down by 40,000 bpd.

OPEC 14 crude oil production now stands at 30,549,000 barrels per day. That is the lowest since February 2015. The peak was November 2016 at 33,347,000 bpd. So OPEC production is down 2,798,000 bpd from that point.

There is little doubt that if Libya, Iran and Venezuela had no political problems then OPEC production would exceed that 2016 peak. Iran’s problems will likely be settled in the next couple of years. They will likely recover quite quickly. Libya will take a bit longer to recover to full production if and when their problems are settled. However it will likely take Venezuela a decade or more when and if their problems are ever settled. But it is likely they will collapse even further, closer to zero production, before their situation even starts to turn around.

Major decliners in February were Iraq, Kuwait, Saudi Arabia and Venezuela. Everyone else was either relatively flat or up slightly.

Read More

OPEC January Production Data

The data below is taken from the OPEC Monthly Oil Market Report. All OPEC data is through January 2019 and is in thousand barrels per day.

OPEC 14, crude only, was down just three thousand barrels short of 800,000 barrels per day in January.

The difference between what Saudi says they produced and what secondary sources say Saudi produces is 51,000 bpd. But the difference between what Iraq says they produced and what secondary sources say is even more remarkable.

Read More