The EIA’s Short Term Energy Outlook (STEO) was published in early June. The chart below estimates World C+C by using the STEO forecast combined with past data from the EIA on World Output.
STEO and Tight Oil Update, June 2023
Tag: Peak Oil
OPEC Update, June 2023
The OPEC Monthly Oil Market Report (MOMR) for June 2023 was published recently. The last month reported in most of the OPEC charts that follow is May 2023 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In many of the OPEC charts that follow the blue line with markers is monthly output and the thin red line is the centered twelve month average (CTMA) output.
World Oil Production up in February
World C+C production increased by 524,000 barrels per day in February to a post-pandemic high.
Read MoreUS March Oil Production at Post-Pandemic High
A guest post by Ovi
All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM which provides updated information up to March 2023.
U.S. March oil production increased by 171 kb/d to 12,696 kb/d, a new post pandemic high. Note that February’s output was also revised up by 42 kb/d from 12,483 to 12,525 kb/d. So relative to the initial EIA February report, production is up by 213 kb/d.
The EIA’s forecast production drop that starts in May 2023 could be associated with the drop in completions that started in early May combined with a projected drop in GOM production.
Read MoreEIA Short Term Energy Outlook, Tight Oil Report, and IEA Oil Market Outlook, May 2023
The EIA’s Short Term Energy Outlook (STEO) was published in early May. The report that follows compares World Petroleum Liquids output from the STEO with estimates from OPEC’s Monthly Oil Market Report (MOMR) from May and the IEA’s Oil Market Report (OMR) from February 2023 with an update on World liquids output based on the summary of the May report with my estimate on quarterly output in 2023 based on the annual estimate for 2023 published in May 2023 and the quarterly numbers published in February 2023.
