Tag: Venezuela

OPEC July Production Data

Ron Patterson 281 Comments

All data below is based on the latest OPEC Monthly Oil Market Report.

All data is through July 2017 and is in thousand barrels per day.

The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add them at all. It doesn’t really matter since they are only a very minor producer. Also they are in steep decline, dropping at about 10% per year.

The huge June OPEC production increased was due to a revision, explained below.

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OPEC June Production Data

Ron Patterson 408 Comments

All data below is based on the latest OPEC Monthly Oil Market Report.

All data is through June 2017 and is in thousand barrels per day.

The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add them at all. It doesn’t really matter since they are only a very minor producer. Also, they are in steep decline, dropping at about 10% per year.

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OPEC March Crude Oil Data

Ron Patterson 193 Comments

The OPEC Monthly Oil Market Report is out with OPEC’s crude oil production numbers for March 2017.

All data is through March 2017 and is in thousand barrels per day.

Looking at the above chart it seems obvious what most OPEC nations were doing. They announced in the summer of 2016 that there would likely be quota cuts beginning in 2017. And those cuts would be a percentage of their current production. So everyone began making heroic attempts to increase production by the end of 2016. So now, after everyone who felt that they should cut, has cut, they are right back to the level that they were at before the cuts were proposed.

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OPEC December Production Data

Ron Patterson 266 Comments

The new January OPEC Monthly Oil Market Report is out with crude only production numbers for December 2016. All charts are in thousand barrels per day.

Indonesia has left OPEC so they are now down to 13 nations. The Indonesia historical data has been removed from the entire OPEC data. Therefore the December data does not reflect any drop due to Indonesia leaving OPEC.

OPEC 13

OPEC crude oil production dropped to 33,085,000 bpd in December. That was a drop of 220,900 bpd. However that was after the November production numbers were revised upward by 175,000 bpd. Therefore the drop was only 46,000 bpd from what was reported last month.

Officially, the OPEC agreed to cut production by 1.2 million barrels per day. Those cuts are supposed to kick in in January. But I would not count on their January production numbers being down that much.

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OPEC Monthly Oil Market Report August 2016

D Coyne 202 Comments

OPEC released its Monthly Oil Market Report on August 10, 2016, I have pulled some items of interest from the report.

World Oil Demand

World oil demand growth in 2016 is expected to average 1.22 mb/d, some 30 tb/d higher than last month. For 2017, world oil demand is forecast to grow by 1.15 mb/d, unchanged from the previous report. While the OECD will contribute positively to oil demand growth adding some 0.10 mb/d, the bulk of the growth in 2017 will originate from the non-OECD with 1.05 mb/d.

World Oil Supply

Non-OPEC oil supply is expected to contract by 0.79 mb/d in 2016, following an upward revision of 90 tb/d since the previous report, driven by higher-than-expected output in 2Q16 in the US and UK. In 2017, non-OPEC supply is expected to decline by 0.15 mb/d, following a downward revision of 40 tb/d. OPEC NGL production is forecast to grow by 0.16 mb/d and 0.15 mb/d in 2016 and 2017, respectively. In July, OPEC production increased by 46 tb/d to average 33.11 mb/d, according to secondary sources.

Balance of Supply and Demand

Demand for OPEC crude in 2016 is estimated at 31.9 mb/d, unchanged from last report and 1.9 mb/d higher than in the previous year. In 2017, demand for OPEC crude is forecast at 33.0 mb/d, in line with the previous report and 1.2 mb/d higher than in 2016. Read More