The OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for March 2015.
OPEC production was up 812,000 barrels per day. The increase came primarily from three countries:
Saudi Arabia was up 347,000 barrels per day to 10,010,000 bpd.
OPEC just published its December Monthly Oil Market Report with their crude only production numbers for November.
Total OPEC crude only production was down 390,000 barrels per day but that was after October production was revised up by 190,000 bpd. After revisions only Iraq and Nigeria showed any increase in November.
The data for all charts below is in thousand barrels per day and is through November 2014.
OPEC crude only production stands at 30,053,000 barrels per day.
The new OPEC Monthly Oil Market Report just came out with their Crude Only production numbers for May. All data in the OPEC charts are in thousands barrels per day.
There was very little in production changes and no surprises in the May data. Total OPEC production was up 142,000 barrels per day and that was after the April numbers had been revised up by 29,000 bpd.
Everyone is concerned about Iraq. Iraq’s April numbers were revised down by 22,000 bpd and May production was up 18,000 above that revised number. Iraqi production stood at 3,331,000 bpd in May but I expect that number will change in June and most definitely in July.
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The new Opec Monthly Oil Market Report is out with the March OPEC crude only production data. OPEC crude only fell by 626 kb/d and that was after February production was revised up by 121 kb/d. Big changes were Iraq, down 288 kb/d after February was revised up by 84 kb/d. Angola was down 154 kb/d.
Iraq is back to the same levels it reached in September of 2012. But Iraq is scheduled to increase production. West Qurna-2 is starting to ramp up. It is supposed to be producing 400 kb/d by the end of the year. I really doubt that it will get to those levels by then but it will definitely add to Iraqi production.
OPEC December Crude Output Falls to 2-Year Low: Survey
Venezuelan production dropped 235,000 barrels a day to 2.45 million this month, the survey showed. The South American country pumped the least crude since October 2011. Resources have been diverted from energy sector into social welfare programs, sending production lower.
Petroleos de Venezuela SA, the state oil company, was purged after a two-month oil strike intended to oust President Hugo Chavez from power in 2003. Nicolas Maduro, who became president in March when Chavez died, has continued his predecessor’s policies.
“It’s hard to see how the situation in Venezuela gets any better,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.4 billion. “Funds have been used to prop up the government instead of maintaining the oil industry since the PDVSA strike in 2003. It’s clear the country is on an unsustainable path.”
Data for the above graph is from the latest OPEC MOMR published last month and includes data through November 2012. It has Venezuela crude only production at 2,364,000 bp/d in November so it differs considerably from the Bloomberg report above. That report may be using production reported by Venezuela themselves which they reported as 2,854,000 bp/d for November or 490,000 kb/d above what the OPEC MOMR’s “secondary sources” said they produced.