OPEC – Page 28 – Peak Oil Barrel

OPEC Crude Oil Production, What’s Next?

01/23/201501/23/2015 Ron Patterson 337 Comments

The latest OPEC Monthly Oil Market Report is out with OPEC production data for. The data is “Crude Only” and does not reflect condensate production.

Also the charts, except for Libya, are not zero based. I chose to amplify the change rather than the total.

All Data is in thousand barrels per day with the last data point December 2014.

OPEC 12 production has averaged slightly above or below 30 million barrels per day for about two years now and there is little chance it will go anywhere very fast. But what is obvious from the above chart is there has been no surge in OPEC oil production. OPEC’s December production f 30,204,000 barrels per day is still more than 1.4 million barrels per day below the peaks of 2008 and 2012.

Algeria is struggling to keep production relatively flat.

Angola is holding its own… so far.

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OPEC November Crude Production Numbers

12/10/201412/10/2014 Ron Patterson 395 Comments

OPEC just published its December Monthly Oil Market Report with their crude only production numbers for November.

Total OPEC crude only production was down 390,000 barrels per day but that was after October production was revised up by 190,000 bpd. After revisions only Iraq and Nigeria showed any increase in November.

The data for all charts below is in thousand barrels per day and is through November 2014.

OPEC crude only production stands at 30,053,000 barrels per day.

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World Proved Oil Reserves, Fact or Fiction

12/04/201412/04/2014 Ron Patterson 425 Comments

The EIA publishes Annually a list of World Proved Reserves of Crude Oil. Though all charts in this post use the EIA data, BP, the IEA and virtually every other reporting agency in the world uses basically the same data. It is my contention that this data is misleading and totally meaningless. This is especially true of OPEC Middle East Reserves. However because this data is taken as gospel by the media and perhaps 90% of energy analysts in the world, this misinformation becomes a serious problem.

But first let’s look at the data. It dates to 2014 in most cases but some data only goes to 2013. All data is billion barrels of reserves.

The EIA said we had 1,646 billion barrels of proved reserves in 2013. Other agencies put that figure a bit higher but we will go with this. And just where are these reserves located?

Almost half of the world’s proved reserves are supposed to be located in the Middle East. Actually it would be well over 60% if it were not for the recent additions to world reserves by the Venezuela Bitumen and the Canadian Tar sands.

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OPEC MOMR October Production Data

11/12/201411/12/2014 Ron Patterson 288 Comments

OPEC just published their November Monthly Oil Market Report which contains crude only production data for all OPEC nations. The only big surprise was that everyone had declining production except Libya and Algeria, that is according to “secondary sources”.

I find it interesting that Venezuela has, for the last several months, refused to give OPEC their production data.

All charts below are in the charts below are in thousand barrels per day with the last data point October 2014 and is based on OPEC’s “secondary sources”. I have decided to post all OPEC charts in this post.

OPEC production declined 226,000 bpd. September production was revised only slightly, up 5,000 bpd.

Algeria has stopped their decline, temporally at least.

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The EIA’s International Energy Statistics 2

11/10/201411/10/2014 Ron Patterson 168 Comments

The EIA, a few days ago posted their International Energy Statistics. They publish lots of statistics here but on monthly basis I only follow their production of world Crude Oil including Lease Condensate.

The data on all charts below is Crude + Condensate production through July 2014 and is in thousand barrels per day.

World C+C production was up 168,000 bpd to 77,023,000 bpd. The high, so far, was in February at 77,409,000 bpd.

Non-OPEC C+C was down 135,000 bpd from it high so far. It has been on a 9 month plateau high.

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