• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 21 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Reality catching up with EV forecasts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 days US Oil Independence is a myth and will always be a myth
  • 3 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 9 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 17 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
U.S. Gasoline Prices Continue To Climb

U.S. Gasoline Prices Continue To Climb

Gasoline prices continue to climb…

Will Oil Continue To See Extreme Volatility?

Will Oil Continue To See Extreme Volatility?

China's recovery and U.S. shale…

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

Premium Content

OPEC Production Up As Exempt Countries Increase Output

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

All data is through May 2017 and is in thousand barrels per day.

(Click to enlarge)

OPEC crude only production was up 336,000 barrels per day in May. The two countries that are not subject to OPEC quotas, Nigeria and Libya, were up a combined 352,000 barrels per day. That means the rest of OPEC was down 16,000 bpd. And all this was after OPEC April production was revised upward by 72,000 barrels per day.

(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)

ADVERTISEMENT

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 down 218,000 barrels per day since their December peak.

(Click to enlarge)

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

(Click to enlarge)

ADVERTISEMENT

Libya was up 178,200 barrels per day in May 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.

Related: Solar And Wind Revolution Happening Much Faster Than Expected

(Click to enlarge)

Nigeria was up 174,200 bpd in May but they had more labor problems in June. So look for their production to drop slightly next month.

(Click to enlarge)

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

Saudi Arabia cut in January, then stopped cutting. 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 205,000 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 1,963,000 bpd. Last March their production was 2,286,000 bpd.

They are saying global oil supply was up 113,000 barrels per day in May. OPEC production was up 336,000 bpd in May. If these two figures are correct, then Non-OPEC had to be down 223,000 barrels per day in May.

By Peak Oil Barrel

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News