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Inventory Build Sends Oil Prices Lower

Oil prices slipped shortly after…

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Bearish Inventory Report Sends Oil Prices Lower

Crude oil prices fell further…

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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OPEC Production Falls Despite A Dip In Compliance

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

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

(Click to enlarge)

The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add them at all. OPEC production has held steady for the past three months. Their production was down 79,000 barrels per day in August but that is not a big drop when production is over 32.5 million barrels per day.

(Click to enlarge)

August production was down 79,100 barrels per day.

(Click to enlarge)

Not much is happening in Algeria. They peaked almost 10 years ago and have been in slow decline ever since.

(Click to enlarge)

Angola peaked in 2010 but have been holding pretty steady since.

(Click to enlarge)

Ecuador peaked in 2015.

(Click to enlarge)

Gabon’s oil production dropped 32,300 bpd in August.

(Click to enlarge)

Iran has obviously reached peak post sanctions production. Like every other OPEC member, they are producing every barrel they possibly can.

(Click to enlarge)

Iraq is holding steady since their December peak.

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Kuwait is down 165,000 bpd from their November peak. That is about 5.75 percent.

(Click to enlarge)

Libya’s production dropped over 112,000 bpd in August. They are still having political problems.

Related: Kyrgyzstan Unveils Revamped Transnational Gas Pipeline

(Click to enlarge)

Nigerian oil production jumped 138,000 bpd in August. I am doubting they can hold at this level however.

(Click to enlarge)

Qatar has been holding steady for the last six months. But I expect their decline to continue soon.

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Saudi production was down 10,000 bpd in August. That was hardly noticeable for them.

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Nothing much is happening in the UAE lately.

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Oil production continues to decline in Venezuela. Their political situation is getting much worse also.

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World oil supply decreased by 410,000 barrels per day in August.

(Click to enlarge)

Russia is not an OPEC member but as the world’s largest oil producer their production is extremely important. Russian production was down 39,000 bpd in August and it is down 318,000 barrels per day since peaking in October 2016.

By Peak Oil Barrel

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