• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 4 hours Satellite Moons to Replace Streetlamps?!
  • 2 days EU to Splash Billions on Battery Factories
  • 7 hours Why I Think Natural Gas is the Logical Future of Energy
  • 18 hours Owning stocks long-term low risk?
  • 20 hours The Dirt on Clean Electric Cars
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 11 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days Uber IPO Proposals Value Company at $120 Billion
  • 1 day The end of "King Coal" in the Wales
  • 7 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 days The Balkans Are Coming Apart at the Seams Again
Alt Text

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Alt Text

What’s Next For Oil Prices?

Oil markets will continue 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

OPEC Deal In Jeopardy As Exempted Nations Boost Output

OPEC

All data below is based on the latest OPEC Monthly Oil Market Report.

All data is through July 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 percent per year.

The huge June OPEC production increased was due to a revision, explained below.

(Click to enlarge)

May OPEC production was revised upward by 18,000 bpd and June OPEC production was revised upward by 109,000 bpd. Counting the June revision July production was up about 280,000 barrels per day over what was reported last month.

(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 steady since.

(Click to enlarge)

Ecuador peaked in 2015.

(Click to enlarge)

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

(Click to enlarge)

Iran’s June production was revised upward by 27,000 barrels per day.

(Click to enlarge)

Iraq is holding steady since their December peak. Related: Are Oil Bulls About To Be Burned Again?

(Click to enlarge)

Kuwait is down 165,000 bpd from their November peak. That is about 5.75 percent.

(Click to enlarge)

Libya is now producing just over 1,000,000 barrels per day. If this trend continues, and it just might, then they should be at their maximum possible production of about 1,400,000 barrels per day by the end of the year.

(Click to enlarge)

Peace seems to be breaking out in Nigeria as well as Libya. This is the worst possible scenario for oil prices.

(Click to enlarge)

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

(Click to enlarge)

Saudi June production was revised upward by 85,000 barrels per day. That means they have increased production by 169,000 barrels per day over the last two months.

(Click to enlarge)

The UAE is down almost 185,000 bpd since December. This is the largest percentage cut in OPEC. I don’t think it is all voluntary.

(Click to enlarge)

Related: The $50 Billion Backlog Of U.S. Energy Projects

The production trend in Venezuela is obvious. It could get a lot worse as Venezuela is now on the cusp of becoming a failed state. If that happens it’s anyone’s guess as to what will happen to their oil production.

(Click to enlarge)

This chart has an error in the Y axis. It has Jun 17 twice. The last one should be Jul 17. At any rate World total liquids continues to rise. Yet oil prices continue to rise also. WTI is near $50 and Brent is just over $53. I have no idea what is happening here but something is just not right.

By Ron Patterson via Peak Oil Barrel

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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