Tag: Iran

OPEC January Production Data

Ron Patterson 150 Comments

The new January OPEC Monthly Oil Market Report is out with crude only production numbers for January 2017. All charts are in thousand barrels per day.

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OPEC crude oil production dropped to 32,139,000 bpd in January. November production was revised upward by 68,000 bpd while December production was revised downward by 56,000 bpd. So Peak OPEC production was in November 2016 instead of December as they had it last month.

Officially OPEC agreed to cut production by 1.2 million barrels per day beginning in January. So OPEC missed their mark by 310,000 barrels per day.

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OPEC December Production Data

Ron Patterson 266 Comments

The new January OPEC Monthly Oil Market Report is out with crude only production numbers for December 2016. All charts are in thousand barrels per day.

Indonesia has left OPEC so they are now down to 13 nations. The Indonesia historical data has been removed from the entire OPEC data. Therefore the December data does not reflect any drop due to Indonesia leaving OPEC.

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OPEC crude oil production dropped to 33,085,000 bpd in December. That was a drop of 220,900 bpd. However that was after the November production numbers were revised upward by 175,000 bpd. Therefore the drop was only 46,000 bpd from what was reported last month.

Officially, the OPEC agreed to cut production by 1.2 million barrels per day. Those cuts are supposed to kick in in January. But I would not count on their January production numbers being down that much.

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Jean Laherrere on Proven Reserves

Ron Patterson 87 Comments

Jean Laherrere has posted the following charts and comments on Bakken and World oil reserves.

EIA proved reserves on Bakken (ND +Montana) plus  cumulative production have changed at end :

-2012   3754 Mb
-2013   5701 Mb
-2014   7203 Mb
-2015   6671 Mb

As shown in this graph in red squares, together with HL ultimates, USGS estimates and cumulative production.

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ThisEIA CP+RR value (which is assumed to trend towards the oil ultimate) has increased sharply from 2012 to 2014 and has decreased in 2015 (this decrease may continue towards which value?).

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OPEC Hits New High

Ron Patterson 199 Comments

The new OPEC Monthly Oil Market Report is out with crude only production numbers for June 2016. OPEC added Gabon to its member countries this month. But I do not have historical production numbers for Gabon so this report does not include Gabon.

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OPEC crude only production reached 32,643,000 barrels per day, (not including Gabon). This was an increase of just over a quarter of million barrels per day. See exact data below.

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OPEC Production EIA Vs. MOMR

Ron Patterson 197 Comments

The latest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for May, 2016. I have compared these numbers with those published by the EIA in their Short-Term Energy Outlook table 3a. All data is in thousand barrels per day and the last data point in May 2016 except for the projection in the one chart below.

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The EIA has OPEC crude production up 238,000 bpd in May to 32,052,000 bpd while OPEC’s “secondary sources” has OPEC production down 100,000 bpd to 32,31,000 bpd in May. The MOMR still has their May production 309,000 bpd more than the EIA.

However that all changes next month, according to the EIA. They have OPEC crude production jumping by 600,000 bpd in June to 32,652,000 bpd. They did not project individual countries however so we have no idea where they believe all that oil is going to come from. Frankly, I just don’t believe it is going to happen.

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