A post by Ovi at peakoilbarrel
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to April 2020. Information from other sources such as the OPEC and country specific sites is used to provide a short term outlook for future output and direction.
A post by Ovi at peakoilbarrel
All of the oil (C + C) production data for the US states comes from the EIAʼs Petroleum Supply monthly PSM. At the end of the production charts, an analysis of three different EIA monthly reports projecting future production is provided. The charts below are updated to May 2020 for the 10 largest US oil producing states.
May’s production drop is just short of 2 Mb/d by 11 kb/d. Awesome. US oil fields began a slow and steady decline from November 2019 to March 2020. March brought the combination of CV-19 and oil price drop that led to the sharp production plunges in April and May. Since the current EIA data is two months delayed, May is the second month that shows the combined effects of the pandemic and low oil prices. Will June drop below 10,000 kb/d?
Read MoreA post by Ovi at peakoilbarrel.
All of the oil (C + C) production data for the US states comes from the EIAʼs Petroleum Supply monthly PSM. At the end, an analysis of three different EIA monthly reports is provided. The charts below are updated to April 2020 for the 10 largest US oil producing states.
This US production chart is updated to April and tentatively extended to May and shows the continuous slow decline in oil output from US oil fields from November 2019 to March 2020 and then the sharp acceleration in April and May. Since the current EIA data is two months delayed, April is the first month that shows the combined effects of the pandemic and low oil prices.
Read MoreA post by Ovi at peakoilbarrel.
Here I am again reporting on out of date US February oil production from the EIA April report after the world oil environment has been turned on its head. Fortunately the EIA also has some forward looking reports that make use of more current data to provide projections for a few months out. Also the EIA has a guesstimate for weekly oil output which certainly provides an indication of the direction of production over the next month. Also there are reports on rig counts that indicate activity in oil basins and provide clues on where oil output is going. Down, Down, Down.
Read MoreA post by Ovi at peakoilbarrel
Preparing this March post has been a surrealistic exercise. Here I am providing a January US production update when at a time, January, the world had no clue that it was going to be hit with a double Black Swan event in early March . There was a hint in January on the coming pandemic for those who were listening. However, there was no clue of the Shock and Awe attack that would be launched by SA after Putin and his Oily Oligarch friend Sechin made the wrong move in the world’s Oil Chess Game. Russia thought that they had SA in Check, instead Russia and the rest of world were End Played. Now, a way must be found out of this mess. Reports are circulating that Trump and Putin have been talking and that an OPEC + meeting will be convened shortly. Let’s hope adult’s come to the table.
The silver lining, if there is one, is that the world will need lower oil prices to come out of the current economic slowdown. The question is, if an agreement can be brokered between US, Russia and OPEC, “What will be the right price for oil for both the producers and the economy?
The irony here is that Trump will be holding meetings with oil company executives shortly to see how the US can help. In the meantime the NOPEC (No Oil Producing and Exporting Cartels Act) bill keeps circulating within Congress. Interesting how the world, US positions and thinking, can be flipped upside down over night.
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