• 20 mins Thanksgiving Gas Prices At 3-Year High
  • 4 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 6 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 10 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 10 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 11 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 13 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Alt Text

When Will Oil Demand Begin To Taper Off?

As energy analysts begin announcing…

Alt Text

Can We Expect An Oil Price Correction Soon?

While oil sentiment is bullish…

Alt Text

China Resumes Oil Hoarding Despite Higher Prices

Satellite imaging data suggests that…

OPEC Production Sinks On Libya And Nigeria

Offshore rig

The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016. All charts are through August 2016.

(Click to enlarge)

OPEC crude only production reached 33,237,000 barrels per day in August. This includes Gabon.

(Click to enlarge)

(Click to enlarge)

Algeria is in slow decline.

(Click to enlarge)

Angola seems to be holding steady.

(Click to enlarge)

Ecuador was sharply down in August but seems to be holding steady for the last two years.

(Click to enlarge)

Gabon has been added to OPEC but their production is so low it will have little effect one way or the other.

(Click to enlarge)

Indonesia will also not affect OPEC production in a big way one way or the other.

(Click to enlarge)

Iran’s increase since sanctions were lifted has slowed to a crawl. There are other problems on the horizon for Iran. They are talking about changing all their oil field contracts to “buy back” contracts. That is they want the option to nationalize all everything. This will likely cause a mass exodus of foreign oil companies from Iran and hit their production considerably.

(Click to enlarge)

I wrote, two months ago, that Iraq had peaked, at least for the next several years. I see no need to change that opinion now.

(Click to enlarge)

Kuwait has recovered from the problems they had in April. I expect their production to flatten out here with a slight decline over the next few years.

(Click to enlarge)

Libya’s problems continue, and will likely continue for a long while yet.

(Click to enlarge)

Nigeria’s problems continue and shows little signs of improving.

(Click to enlarge)

Qatar’s oil production seems to have bottomed out since late 2014.

(Click to enlarge)

Saudi Arabia is, in my opinion, producing flat out and has been for several years now.

(Click to enlarge)

The United Arab Emirates had some problems earlier this year but they seem to have recovered. I think they will hold production steady for a while now.

(Click to enlarge)

Venezuela’s oil production is still dropping but the decline seems to be slowing. Venezuela has very serious economic problems. They are nearing the “failed state” status.

(Click to enlarge)

By Ron Patterson via Peakoilbarrel.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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