• 50 mins Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 11 hours Conflicting News Spurs Doubt On Aramco IPO
  • 12 hours Exxon Starts Production At New Refinery In Texas
  • 13 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
Alt Text

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Alt Text

Europe Stands Divided On Gazprom’s Nord Stream 2 Pipeline

Gazprom’s Nord Stream 2 megaproject…

OPEC Production By The Numbers

OPEC Production By The Numbers

OPEC has published their OPEC Monthly Oil Market Report with crude only production numbers for October 2015. The charts are “Crude Only” production and are in thousands of barrels per day.

OPEC12

OPEC 12 was down 256,000 bpd in October.

OPECCrudeOilProduction

OPEC uses secondary sources such as Platts and other agencies to report their production numbers. I find these numbers far more useful than those reported by direct communication with the OPEC countries. Those numbers are political and usually highly inaccurate.

Algeria

Algeria peaked in November 2007 – 2008 and has been in a steady decline since that point.

Angola

Angola has been holding steady since peaking in 2008 and 2010. Related: Oil Tankers Are Filling Up As Global Storage Space Runs Low

Ecuador

Ecuador appears to have peaked this year. It is likely production will be down, but only slightly, next year.

Iran

Iran appears to be poised to increase production when sanctions are lifted. But don’t expect too much very soon. After years of neglect, their infrastructure is in very bad shape.

Iraq

Most of the 2014 to 2015 production change has come from Iraq.

ProductionChange20142015

This chart shows the change in the average production from 2014 to 2015. Of course we are only averaging the first 10 months of 2015 versus all 12 months of 2014. The data is in thousand barrels per day. Related: Oil Market Supply Imbalance Getting Worse, Not Better

Kuwait

Kuwait peaked in 2013 and has declined about 150,000 bpd since then. I believe 2013 will be the all-time peak for Kuwait.

Libya

Libya is struggling with their own Arab Spring. There is no way of knowing when, if ever, peace will come there. I think it extremely unlikely they will produce as much as 1,000,000 bpd within the next 5 years or so.

Nigeria

Nigeria is struggling with political revolution, but it appears they are in decline regardless of their political problems.

SaudiArabia

I believe Saudi is producing every barrel they possibly can. They will be lucky to hold this level for much longer. Related: Will U.S. Solar Suffer The Same Fate As Fracking?

Qatar

Qatar has lots of natural gas but their oil production has clearly peaked and is now in pretty steep decline.

UAE

From 2005 through 2010, the oil rig count in the UAE averaged around 12. In October, their oil rig count stood at 46, almost 4 times their average. They have managed to increase their production about 11 percent above their 2008 peak. I believe UAE production is about to follow Kuwait’s lead and rollover.

Venezuela

Not much can be said about Venezuela. Their conventional oil is in decline but their bitumen production is keeping production relatively flat.

WorldOilSupply

OPEC has world oil supply peaking in June and July and declining by about 1 million bpd since then.

By Ron Patterson

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News