• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 19 hours Oil prices going Up? NO!
  • 3 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 10 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 48 mins The Tony Seba report
  • 6 hours Kenya Eyes 200+ Oil Wells
  • 6 hours Are Electric Vehicles Really Better For The Environment?
  • 13 mins LNG Shortage on the Way
  • 1 day Oil prices going down
  • 2 days Could oil demand collapse rapidly? Yup, sure could.
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 15 hours Saudi Arabia turns to solar
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 3 hours Could Venezuela become a net oil importer?
  • 6 hours OPEC soap opera daily update
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
Alt Text

Oil Inches Higher On Strong Crude Draw

Oil prices rebounded on Wednesday…

Alt Text

OPEC+ Proposes 1-Million-Bpd Production Increase

The joint ministerial monitoring committee…

Ron Patterson

Ron Patterson

Ron Patterson is a retired computer engineer. He worked in Saudi Arabia for five years, two years at the Ghazlan Power Plant near Ras Tanura…

More Info

Trending Discussions

Falling Iraqi Oil Output Drags OPEC Production Down

OPEC

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

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

(Click to enlarge)

I have now included Equatorial Guinea although I only have data from January 2015 from OPEC’s secondary sources. The January 2015 E. Guinea data was extended back to January 2005. I know this is inaccurate but production from E. Guinea is so small it will make little difference.

(Click to enlarge)

OPEC crude oil production dropped by 151,000 barrels per day in October.

(Click to enlarge)

Algeria took a hit in October, down 38,400 bpd.

(Click to enlarge)

Angola was up almost 70,000 bpd in October.

(Click to enlarge)

Not much is happening in Ecuador. They were up 7,100 bpd in October.

(Click to enlarge)

I do not have historical data for Equatorial Guinea. The OPEC MOMR gives average annual production data for 2015 and 2016 and quarterly data for the first two quarters of 2017. But now we will have monthly data from now on. However, they produce the least of all OPEC countries and their production will make little difference.

(Click to enlarge)

Gabon, another of the also-rans. Any change in their production will have only a small effect.

(Click to enlarge)

Related: IEA’s Shocking Revelation About U.S. Shale

Iran has clearly reached a post-sanctions peak.

(Click to enlarge)

Iraq, OPEC’s second-largest producer, appears to have reached at least a temporary peak.

(Click to enlarge)

Kuwait’s crude oil production has been holding at just a tad over 2,700,000 bpd for all of 2017.

(Click to enlarge)

Libya has overcome most of their political problems. They should be producing a bit more than they are currently producing. Perhaps it will take them some time to repair their infrastructure.

(Click to enlarge)

I believe Nigeria will always have serious political problems. They are dramatically overpopulated and will always have rebel factions. Don’t look for any dramatic increase in production from Nigeria.

(Click to enlarge)

Qatar’s crude oil production peaked almost ten years ago. Their decline will continue.

(Click to enlarge)

Saudi produced exactly 10,000,000 bpd in October.

(Click to enlarge)

UAE’s crude oil production is holding steady at just over 2,900,000 bpd.

(Click to enlarge)

Related: Why Canadian Crude Trades At Such A Steep Discount

Venezuela’s crude oil production decline has accelerated in the last two months. Venezuela will very likely become a failed state in the next few years, or perhaps months. Their economy will totally collapse. This will hit their oil production even harder.

(Click to enlarge)

World oil supply has held steady for two years.

OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market

The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts,…

Cuts? What cuts?

By Ron Patterson via Peak Oil Barrel

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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