The below OPEC charts were taken from data in the OPEC Monthly Oil Market Report. All data is through March 2019 and is in thousand barrels per day.
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There was another big decline in OPEC production in March, down 534,000 barrels per day.
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The decline was mostly Saudi Arabia, Venezuela, and Iraq.
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Iran, Libya and Venezuela are exempt from quotas. Everyone except Saudi Arabia are near their quota. Saudi is over half a million barrels per day below their quota.
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Although Iraq was down 126,000 bpd in March they are still at their average for the last two and one-half years.
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I think Kuwait is at, or very near, peak production except for their share of the neutral zone. That is shared 50/50 with Saudi Arabia. Their share would be about half a million barrels per day. It is shut down because of a political disagreement between the two countries.
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Libyan production was up 196,000 in March. They will likely be down again in April as fighting there has escalated.
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Nigeria appears to be in slow decline. They are still producing well above their quota.
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Saudi Arabia is another story altogether. They are over half a million barrels per day below their quota.
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The UAE is producing slightly below their quota. The October, November, December spike in production was obviously a heroic attempt to increase their quota as they are still producing well above their average before that three month period.
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Venezuelan production was down 289,000 bpd in March. The blackouts there hit them hard. I would be afraid to even guess where they are going from here.
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By Peak Oil Barrel
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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