The EIA updated the Short Term Energy Outlook (STEO) in March and also released the 2023 version of the Annual Energy Outlook in March. This post will take a brief look at both of these reports with a focus on Crude plus Condensate (C+C) Output for the World, OPEC and Non-OPEC in the case of the STEO through the fourth quarter of 2024 and US C+C output for three oil price cases from 2022 to 2050, reference (medium oil price), high and low oil price cases.
A guest post by Ovi
Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for Non-OPEC countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to November 2022. This is the latest and most detailed world oil production information available. Information from other sources such as OPEC, the STEO and country specific sites such as Russia, Brazil, Norway and China is used to provide a short term outlook for future output and direction for a few of these countries and the world. The US report has an expanded view beyond production by adding rig and frac spread charts.
November Non-OPEC oil production increased by 502 kb/d to 51,099 kb/d. The majority of the increase came from Kazakhstan and Russia.
In the last report, the forecast for November production was 51,051 kb/d. It was low by 48 kb/d.
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All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIAʼs February Petroleum Supply monthly PSM which provides updated information up to December 2022.
U.S. December production decreased by 276 kb/d to 12,101 kb/d. For December, the state with the largest decrease was North Dakota with 135 kb/d followed by Texas with 65 kb/d while New Mexico had the largest increase, 46 kb/d. The December production decline was caused by bad weather in many states.
Read MoreA Guest Post by Ovi
All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIAʼs January Petroleum Supply monthly PSM which provides updated information up to November 2022.
U.S. November production decreased by 35 kb/d to 12,375 kb/d. For November, the state with the largest increase was Oklahoma with 19 kb/d while North Dakota had the largest decrease, 23 kb/d. The GOM also experienced a production drop.
Read MoreA guest post by Ovi
All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIAʼs October Petroleum Supply monthly PSM which provides data up to August 2022.
U.S. August production increased by 102 kb/d to 11,975 kb/d. It should also be noted that July’s oil production was revised up from 11,800 kb/d to 11,873 kb/d in the October report. So the total increase over the July report, including the revision, was 175 kb/d. For August, the state with the largest increase was Texas at 78 kb/d. August’s production was a new post pandemic high.
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