All data below is based on the latest OPEC Monthly Oil Market Report.
All data is through June 2017 and is in thousand barrels per day.
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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. It doesn’t really matter since they are only a very minor producer. Also, they are in steep decline, dropping at about 10% per year.
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March OPEC production was revised upward by 23,000 bpd while April production was revised upward by 72,000 bpd.
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Not much is happening in Algeria. They peaked almost 10 years ago and have been in slow decline ever since.
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Angola peaked in 2010 but have been holding pretty steady since.
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Ecuador peaked in 2015. They will be in a slow decline from now on.
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Any change in Gabon crude oil production is too small to make much difference.
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Iran’s recovery from sanctions has apparently peaked. I expect a slow decline from here.
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Iraq is holding steady since their December peak. Related: Halliburton Sees Oil Price Spike By 2020
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Kuwait is down 154,000 bpd from their November peak. That is about 5.4%.
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Libya was up 173,000 barrels per day in May and up another 127,000 in June but they still have a long way to go before they get back to their maximum possible production level, which is around 1.4 million bpd.
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Nigeria was up 141,000 bpd in May and up another 96,000 bpd in June. It’s hard to tell what’s happening in Nigeria.
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Qatar has been in decline since 2008. Her decline will continue albeit at a very slow pace.
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Saudi Arabia cut in January, then stopped cutting. Their production was up 51,000 bpd in January. I think this is where we will be for some time unless there is a real shake up in OPEC.
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The UAE is down almost 192,000 bpd since December. This is the largest percentage cut in OPEC. I don’t think it is all voluntary.
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Venezuela’s problems will continue. They are now below two million barrels per day. They are at 1,938,000 bpd. They are down 430,000 bpd since November of 2015.
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World oil supply, total liquids, was up 660,000 bpd in June. This is huge. Oil prices will continue to drop if this continues.
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I thought I would add a chart of Russia’s production since they are now the world’s largest producer.
By Ron Patterson via Peak Oil Barrel
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