The IEA released highlights for the December Oil Market report in mid December. I have used information from the November report and assumed OPEC crude output will be 32.7 Mb/d and non OPEC output will be 500 kb/d below the November report supply estimate. I have also used the demand estimates from the December highlights. Read More
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.
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?).
Bakken oil production was down 10,119 barrels per day in September and all North Dakota production was down 10,353 bpd in September.
Bakken production continues to decline though I expect it to level off soon.
North Dakota has released August production data for the Bakken and also for all North Dakota.
Bakken production was down 46,433 barrels per day to 930,931 bod, All North Dakota was down 48,695 bpd to 981,039 bpd. This is first time North Dakota has been below 1 million barrels per day since March of 2014.
Rystad Energy has published an interesting article claiming that the US has more oil reserves than Saudi Arabia… if you include shale oil.
A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil. Texas alone holds more than 60 billion barrels of shale oil according to this new data.
I will not quote the entire article for copyright reasons but would invite you to go there and check it out. Their final total, their 2PCX reserves, includes undiscovered fields.
