• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 8 hours The EU Loses The Principles On Which It Was Built
  • 1 min Starvation, horror in Venezuela
  • 2 hours Saudi Fund Wants to Take Tesla Private?
  • 17 hours Crude Price going to $62.50
  • 4 hours Why hydrogen economics does not work
  • 26 mins Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 51 mins Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 13 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 day < sigh > $90 Oil Is A Very Real Possibility
  • 6 hours California Solar Mandate Based on False Facts
  • 13 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Alt Text

A New Booming Market For U.S. Crude Exports

U.S. crude exports to China…

Alt Text

The $80 Billion Megaproject Splurge In Oil

The growing lineup of megaprojects…

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

OPEC Production Falls Despite A Dip In Compliance

OPEC

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.

(Click to enlarge)

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.

(Click to enlarge)

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

(Click to enlarge)

Nothing much is happening in the UAE lately.

(Click to enlarge)

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

(Click to enlarge)

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

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