All OPEC data below is from the July 2020 OPEC Monthly Oil Market Report.
All OPEC data is through June 2020 and is in thousand barrels per day. All copied and pasted texts are in italics.
OPEC cut further in June, down almost 1.2 million barrels per day. They are down about 6.8 million barrels per day since November 2019.
All OPEC major producers cut production in June. The tiny producers didn’t seem to bother.
Read MoreAll OPEC charts below were taken from the latest OPEC Monthly Oil Market Report.
All data is through May 2020 and is in thousand barrels per day.
OPEC crude only production was down 6,300,000 barrels per day in May.
Oil production in every OPEC Nation except Iran was down in May.
Read Moreby RON PATTERSON posted on 05/16/2020 [EDIT]
All OPEC data in the charts below are from the OPEC Monthly Oil Market Report. The data is through April and is in thousand barrels per day.
OPEC 13 crude oil production was up 1.8 million barrels per day in April. They are about 3 million barrels per day below their November 2016 High.
As you can see the increase came from only three countries, Saudi Arabia, Kuwait, and the United Arab Emirates.
Read MoreComments not related to oil and natural gas production in this thread, please.
A post by Ovi at peakoilbarrel
As I wrote in my previous post, preparing these last two has been a surrealistic exercise. The oil market environment for this post has been even more surrealistic than the previous one and the associated futures contract prices have been extremely volatile this week. The May WTI front month contract went negative on April 20 for the first time ever and closed at negative $37.63/bbl while the June contract closed at $20.43. Today’s settled price, April 24, for the June contract is $16.94.
On April 7th, OPEC + finalized a record oil production cut of 9.7 Mb/d after days of discussion. The 9.7 million bpd cut will begin on May 1 and will extend through the end of June. The cuts will then taper to 7.7 million bpd from July through the end of 2020, and 5.8 million bpd from January 2021 through April 2022. The 23-nation group will meet again on June 10 to determine if further action is needed.
The lone hold out to the deal was Mexico which was expected to cut 400 kb/d but would only agree to 100 kb/d. This was a real Mexican standoff and Mexico won because they had hedged their oil output and the more the price dropped, the more they made on their hedges. According to this report, they hedged their oil at $49/bbl in January. It was unclear how many barrels were hedged or how much was spent.
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