The latest OPEC Monthly Oil Market report is out with OPEC production numbers for August 2015.
All charts below are in thousand barrels per day with the last data point August 2015.
Not much has happened since June, OPEC 12 production was up 12,000 bpd in August that is well within the margin of error.
There is new data out today. The EIA published their International Petroleum Statistics yesterday. The EIA also published their Drilling Productivity Report which gave their expected shale oil and gas production through September. Then this morning OPEC published their Monthly Oil Marketing Report with OPEC crude only production numbers through July.
First the Drilling Productivity Report. Of course most of the Drilling Productivity Report is projection, not history. And that projection goes through September 2015.
The EIA has the Bakken peaking in December and declining 107 thousand barrels per day since that point. A secondary peak was reached in April and declining steadily since then.
The latest OPEC Monthly Oil Market Report is out. There were no big surprises.
OPEC crude only production was up 23,000 bpd in May but that was after April had been revised upward by 110,000 bpd.
Almost no change is Saudi production, down 5,000 bpd to 10,107,000 bpd.
OPEC publishes monthly production data for all OPEC nations in their Monthly Oil Market Report. The data crude oil production only and does not include condensate. I have found the data to be highly accurate and any errors are corrected in the next month’s report or the month following that. The OPEC data is from OPEC’s “Secondary Sources”.
The EIA also publishes OPEC production data in their International Energy Statistics. However the EIA does not publish crude only data. Their data includes condensate.
All data is in thousand barrels per day. The last EIA data point is December 2014 and the last OPEC data point is April 2015.
Almost 20% of Algeria’s production is condensate if the EIA is correct. Algeria does produce a lot of condensate but I have serious doubts about the accuracy of the EIA data. As you can see from the chart the EIA has Algeria’s production absolutely flat for 24 months, from January 2010 through December 2011. But both the EIA and OPEC agree on one point, Algeria is in decline.
The OPEC Monthly Oil Market Report is just out with crude only production numbers for all OPEC countries for April 2015.
According to their secondary sources OPEC 12 production was up 18,000 bpd but that was after March production had been revised up 39,000 bpd.
Saudi was up 27,000 bpd. They are still 15,000 bpd below their peak in August 2013.