• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 10 mins End of EV Subsidies?
  • 42 mins Maersk's COO statment.
  • 3 hours Citi cuts Apple's price target
  • 4 hours Asian stocks down
  • 3 hours Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 8 hours China Builds LNG Icebreaker
  • 55 mins USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 1 hour GOODBYE FOREIGN OIL DEPENDENCE!!
  • 10 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 9 hours Price Decline in Chinese Solar Panels
  • 33 mins Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 8 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
Alt Text

Flying Cars Coming Much Sooner Than You’d Think

Flying cars were thought to…

Alt Text

Is This The Next Big Petrochemical Hub In The U.S.?

The next major petrochemical hub…

Alt Text

2019: A Pivotal Year For OPEC

2019 is shaping up to…

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

Russian Oil Output Falls While OPEC Boosts Exports

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.

(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. 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.

 

(Click to enlarge) 

March OPEC production was revised upward by 23,000 bpd while April production was revised upward by 72,000 bpd.

(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. They will be in a slow decline from now on.

(Click to enlarge) 

Any change in Gabon crude oil production is too small to make much difference.

(Click to enlarge) 

Iran’s recovery from sanctions has apparently peaked. I expect a slow decline from here.

(Click to enlarge) 

Iraq is holding steady since their December peak. Related: Halliburton Sees Oil Price Spike By 2020

(Click to enlarge) 

Kuwait is down 154,000 bpd from their November peak. That is about 5.4%.

(Click to enlarge) 

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.

(Click to enlarge) 

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.

(Click to enlarge) 

Qatar has been in decline since 2008. Her decline will continue albeit at a very slow pace.

(Click to enlarge) 

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.

(Click to enlarge) 

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.

(Click to enlarge) 

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.

(Click to enlarge) 

World oil supply, total liquids, was up 660,000 bpd in June. This is huge. Oil prices will continue to drop if this continues.

(Click to enlarge) 

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

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
-->