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Oil Prices Move Higher On Bullish EIA Inventory Data

Oil Prices Move Higher On Bullish EIA Inventory Data

Crude oil prices moved higher…

OPEC Cuts Global Oil Demand Growth Forecast, Again

OPEC Cuts Global Oil Demand Growth Forecast, Again

Slower global economic growth, China’s…

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…

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Libya And Nigeria Lead OPEC Production Boost

The below charts were created with data from the OPEC Monthly Oil Market Report and the data through September 2018.

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OPEC crude production was up 132,000 barrels per day in September to 32,761,000 bpd. that is still 650,000 barrels per day below their all-time high in October of 2016.

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August production was revised up by 63,000 bpd so production was actually up 195,000 bpd from what was reported last month.

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Iranian production was down 150,000 barrels per day in September. Sanctions are beginning to have an effect.

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Iraqi production was up only slightly in September but they seem to be holding at their new all time high.

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Kuwait was also up slightly in September. I think they will be holding at this level for awhile.

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Libya was up 103,000 barrels per day in September.

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Nigeria was up 26,000 barrels per day in September.

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Saudi Arabia was up 108,000 barrels per day in September. They are now only 114,000 bpd below their high in December 2016.

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The UAE was up 30,000 bpd in September. They are 86,000 barrels per day below their high in December 2006.

And Venezuela continues to plunge toward total collapse.

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OPEC big 5 was flat in September. Declines from Iran was offset by gains from the other four.

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The other 10 OPEC producers were up 130,000 barrels per day in September in addition to the 345,000 bpd it was up in August. The lion’s share of this increase came from Libya and Nigeria.

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If OPEC’s data is correct, then the world reached a new all-time high is total liquids production in September.

By Peak Oil Barrel

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