• 3 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 9 hours Conflicting News Spurs Doubt On Aramco IPO
  • 10 hours Exxon Starts Production At New Refinery In Texas
  • 12 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
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day 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
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 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
  • 5 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
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 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
  • 7 days Oil M&A Deals Set To Rise
Alt Text

How OPEC Continues To Cheat On Its Own Deal

OPEC oil production has once…

Alt Text

Is The Bakken Profitable At $50 Oil?

The Bakken remains the second…

OPEC Production Sinks On Libya And Nigeria

Offshore rig

The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016. All charts are through August 2016.

(Click to enlarge)

OPEC crude only production reached 33,237,000 barrels per day in August. This includes Gabon.

(Click to enlarge)

(Click to enlarge)

Algeria is in slow decline.

(Click to enlarge)

Angola seems to be holding steady.

(Click to enlarge)

Ecuador was sharply down in August but seems to be holding steady for the last two years.

(Click to enlarge)

Gabon has been added to OPEC but their production is so low it will have little effect one way or the other.

(Click to enlarge)

Indonesia will also not affect OPEC production in a big way one way or the other.

(Click to enlarge)

Iran’s increase since sanctions were lifted has slowed to a crawl. There are other problems on the horizon for Iran. They are talking about changing all their oil field contracts to “buy back” contracts. That is they want the option to nationalize all everything. This will likely cause a mass exodus of foreign oil companies from Iran and hit their production considerably.

(Click to enlarge)

I wrote, two months ago, that Iraq had peaked, at least for the next several years. I see no need to change that opinion now.

(Click to enlarge)

Kuwait has recovered from the problems they had in April. I expect their production to flatten out here with a slight decline over the next few years.

(Click to enlarge)

Libya’s problems continue, and will likely continue for a long while yet.

(Click to enlarge)

Nigeria’s problems continue and shows little signs of improving.

(Click to enlarge)

Qatar’s oil production seems to have bottomed out since late 2014.

(Click to enlarge)

Saudi Arabia is, in my opinion, producing flat out and has been for several years now.

(Click to enlarge)

The United Arab Emirates had some problems earlier this year but they seem to have recovered. I think they will hold production steady for a while now.

(Click to enlarge)

Venezuela’s oil production is still dropping but the decline seems to be slowing. Venezuela has very serious economic problems. They are nearing the “failed state” status.

(Click to enlarge)

By Ron Patterson via Peakoilbarrel.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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