Tag: US Oil Production

GoM June Production Update

George Kaplan 93 Comments

A Guest Post by George Kaplan

Production

Production for June by BOEM was 1631 kbpd and by EIA 1636, compared with 1673 and 1659 kbpd, respectively, in May. The decline was mostly from Thunder Horse going offline and Constitution staying offline. Hurricane Cindy didn’t seem to have much of an impact, things will be different for the impact of Harvey on August figures.

Even with the two offline facilities coming back July numbers will struggle to beat those for March, and after that the depletion declines and hurricane disruptions take over. Note that the “others” area includes any assumptions BOEM has made to allow for missing data, which is quite a lot this month.

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Oil Price Volatility and US EIA Data

D Coyne 160 Comments

A number of news media pieces have recently suggested that oil prices may fall due to soaring output in the US.  Output from US light tight oil (LTO) may not rise as quickly as some EIA reports may suggest. One source of confusion is that the EIA creates many reports and some are more reliable than others. The two charts below cover US LTO and US crude plus condensate (C+C) output.

US LTO Output from the EIA Drilling Productivity Report (DPR) and EIA Tight Oil (LTO) estimates in kb/d.

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US EIA monthly C+C output and centered 4 week average output in kb/d.

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World Oil Production

D Coyne 353 Comments

A guest post by David Archibald

The views expressed in this post do not necessarily reflect the views of Dennis Coyne or Ron Patterson.

The BP Statistical Review of World Energy has oil production data by country up to the end of 2015. This is what that looks like from 1988:

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The United States increased production by 5.1 million barrels per day from 2010 to 2015. The increase in production from countries around the Persian Gulf over the same period was slightly less at 5.0 million barrels per day. The increase in total world production was 8.4 million barrels per day so the rest of the world declined by some 1.7 million barrels per day. This was despite Canadian production rising 1.0 million barrels per day from oil sands developments plus some other increases from Russia, Brazil, Colombia etc. Most oil producing countries are in well-established long term decline or plateau at best. How these trends will interact can approached from a bottom-up basis. To that end, the following graphs show likely production profiles by region for the next five years. Read More