The Bakken and North Dakota production data for October is out. The Numbers a little surprising.
Bakken production was up 7,520 barrels per day to 1,113,930 bpd while all North Dakota was up 6,787 bpd to 1,168,950 bpd.
Tag: OPEC
Oil Forecast From a Reputable Firm
Had to take the post down folks, the reputable firm threatened to sue me. Sorry.
Ron
_______________________________________________________
I send an email notification every time I publish a new post. If you would like to be on that list please email me at DarwinianOne at Gmail.com
OPEC Crude Production Down in October
OPEC has published their OPEC Monthly Oil Market Report with crude only production numbers for October 2015. The charts are “Crude Only” production and are in thousand barrels per day.
OPEC 12 was down 256,000 bpd in October.
OPEC Crude Little Change
The OPEC Monthly Oil Market Report is just out with the crude only production numbers for the 12 OPEC countries. The data below is in thousand barrels per day and the last data point is September 2015.
OPEC 12 crude only production was up 109,000 barrels per day in September but that was after the August production numbers were revised down by 82,000 bpd. OPEC crude only production now stands at 31,571,000 pbd. That is just 12,000 bpd above June production but still 100,000 bpd below their peak in July of 2008.
JODI Data and Giant Field Depletion
I am starting this post off with a news article because it explains why JODI has U.S. production numbers wrong for July.
No, U.S. Oil Production Probably Didn’t Rise in July
The Joint Organizations Data Initiative (JODI) releases monthly oil supply-and-demand data for about 80 countries, which it gathers by directly surveying the countries. It is widely cited by analysts, especially for its figures on demand, imports and exports.
The latest JODI data released Sunday showed that U.S. crude-oil production rose from 9.3 million barrels a day in June to 9.5 million barrels in July.
But the EIA’s latest forecast called for July production to fall to 9.2 million barrels a day in July, continuing the trend of declining U.S. production as companies cut spending in the face of low prices.
For the charts below I have used JODI data for all Non-OPEC nations except those that do not report to JODI. For them I use the EIA data and carry forward the same data that the EIA reported, (April). For the USA, since the JODI data is obviously wrong for July, I simply carried forward the June data which also came directly from the EIA. And for OPEC I use the OPEC MOMR’s “secondary sources”. JODI also uses the MOMR for their data but uses the “direct communication” data instead of the secondary sources data.
The data below is through July 2015 and is in thousand barrels per day.
In July we remained at or near the world’s all time peak at 75,631,000 barrels per day, down just 15,000 bpd from June.