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Crude Rises Ahead Of Non-OPEC Meeting

Oil prices rose on Thursday,…

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Saudi Arabia Surrenders To U.S. Shale

The OPEC oil production cut…

The Latest OPEC Monthly Production Figures

The Latest OPEC Monthly Production Figures

The latest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for February. All data in the OPEC charts below is in thousand barrels per day and the last data point is February 2015.

OPEC12

Total OPEC crude only production was down 137,600 barrels per day in February.

Algeria

Algeria seems to have stabilized their decline.

Angola

Angola is holding steady.

Ecuador

Ecuador has been slowly increasing production at a rate of about 25,000 barrels per day per year. I don’t think they can hold that for another year however.

Related: Middle East OPEC Oil Rig Count Jumps 14%

Iran

Iran production has been remarkably flat for about two and one half years. The real question is by how much their production could increase if sanctions were removed.

Iraq

It is remarkable that Iraq has been able to keep production as high as it is with all the ISIS problems they are having.

Kuwait

Kuwait was producing flat out in 2008 at 2,600,000 bpd. But when quotas were lifted in early 2011 due to the Libyan civil conflict, they began a huge infill drilling program and have managed to increase production by around 200,000 bpd above their peak in 2008. Production pretty much maxed out about two years ago.

Related: Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash

Libya

The Libyan conflict continues to impede production. They are now barely above 300,000 bpd.

Nigeria

Nigeria is holding steady at around 1,900,000 bpd.

Qatar

Qatar has stopped their decline, at least for now.

SaudiArabia

Saudi production has been holding relatively steady for about a year and a half now. They show no sign of either increasing or cutting production.

Related: Middle East Oil Addiction Could Spell Disaster

UAE

UAE, like Kuwait, began a huge infill drilling program in 2011. I think it has pretty much maxed out now.

Venezuela

I keep waiting for something to happen in Venezuela… but nothing.

OPECMOMR

Here are the actual production numbers produced by the OPEC MOMR. The top chart, “secondary sources” is the one used for all my charts. The bottom chart, “direct communication” is what the countries reported when they were called by the MOMR. Notice that Iraq reported a decline of 259,000 bpd while the “secondary sources” had them down only 78,400 bpd.

By Ron Patterson of PeakOilBarrel

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