The IEA Oil Market Report was published in mid April, data from the report can be found here.
The EIA’s STEO was published on May 9, 2017.
I assume in the chart above that OPEC crude output is 32 Mb/d in the last three quarters of 2017. Read More
Tag: OPEC
OPEC March Crude Oil Data
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.
World Oil Production
A guest post by David Archibald
The views expressed in this post do not necessarily reflect the views of Dennis Coyne or Ron Patterson.
The BP Statistical Review of World Energy has oil production data by country up to the end of 2015. This is what that looks like from 1988:
The United States increased production by 5.1 million barrels per day from 2010 to 2015. The increase in production from countries around the Persian Gulf over the same period was slightly less at 5.0 million barrels per day. The increase in total world production was 8.4 million barrels per day so the rest of the world declined by some 1.7 million barrels per day. This was despite Canadian production rising 1.0 million barrels per day from oil sands developments plus some other increases from Russia, Brazil, Colombia etc. Most oil producing countries are in well-established long term decline or plateau at best. How these trends will interact can approached from a bottom-up basis. To that end, the following graphs show likely production profiles by region for the next five years. Read More
OPEC February Production
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.
OPEC January Production Data
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.
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.