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.
The July OPEC Monthly Oil Market Report is out with all OPEC Crude Only production data for June 2015.
Crude Only production for the entire OPEC 12 as up 283,000 barrels per day in June to 31,378,000 bpd. But that was after May production had been revised up by 120,000 bpd. So counting May’s revisions and June’s numbers, OPEC production was up 403,000 bpd from what was originally reported last month.
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 EIA has updated their International Energy Statistics with annual production numbers through 2014 and export data through 2012. Sometimes these stats can be confusing as they include several types of production and exports. But for production I use only “Crude plus Condensate” and for exports I used “Crude Oil Exports” which I assume includes condensate as well.
Also the export data is not exact, just close, because some importers are also exporters. For instance in 2001 the US exported 59,000 barrels per day. In 2012 the US exported 629,000 barrels per day. The exporting of condensate is allowed in the US and since the Shale boom condensate exports have increased quite dramatically because Light Tight Oil is rather top heavy with condensate.
To get exports versus consumption for exporting nations I simply subtracted their exports from their production. The difference was what they consumed. Similar data can be found on the Energy Export Databrowser.
I think the data clearly endorses Jeffrey Brown’s Export Land Model.
In 2012 76,160,000 barrels of C+C were produced per day. Of that 76 million barrels 42,845,000 barrels were exported while the other 33,315,000 barrels was consumed by the producing nations. That is this is oil that was never exported.