The latest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for February. All data in the OPEC charts below is in thousand barrels per day and the last data point is February 2015.
Total OPEC crude only production was down 137,600 barrels per day in February.
Algeria seems to have stabilized their decline.
Angola is holding steady.
Ecuador has been slowly increasing production at a rate of about 25,000 barrels per day per year. I don’t think they can hold that for another year however.
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Iran production has been remarkably flat for about two and one half years. The real question is by how much their production could increase if sanctions were removed.
It is remarkable that Iraq has been able to keep production as high as it is with all the ISIS problems they are having.
Kuwait was producing flat out in 2008 at 2,600,000 bpd. But when quotas were lifted in early 2011 due to the Libyan civil conflict, they began a huge infill drilling program and have managed to increase production by around 200,000 bpd above their peak in 2008. Production pretty much maxed out about two years ago.
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The Libyan conflict continues to impede production. They are now barely above 300,000 bpd.
Nigeria is holding steady at around 1,900,000 bpd.
Qatar has stopped their decline, at least for now.
Saudi production has been holding relatively steady for about a year and a half now. They show no sign of either increasing or cutting production.
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UAE, like Kuwait, began a huge infill drilling program in 2011. I think it has pretty much maxed out now.
I keep waiting for something to happen in Venezuela… but nothing.
Here are the actual production numbers produced by the OPEC MOMR. The top chart, “secondary sources” is the one used for all my charts. The bottom chart, “direct communication” is what the countries reported when they were called by the MOMR. Notice that Iraq reported a decline of 259,000 bpd while the “secondary sources” had them down only 78,400 bpd.
By Ron Patterson of PeakOilBarrel
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