Tag Archives: oil production

Oil Production Vital Statistics January 2017

January was the month that OPEC was supposed to reduce production by 1.2 Mbpd and Russia + others were supposed to cut a further 0.6 Mbpd. None of the January production data has been released yet and the only real time indicator we have is the oil price that began the month of January on $55.05 and ended the month on $54.77 (Brent) (Figure 1). The only remarkable thing is how little market response there has been to the feeble OPEC deal. Continue reading

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Oil Production Vital Statistics November 2016

In October, global total liquids production hit a new record high of 97.84 Mbpd led by OPEC and Russia! This was caused largely by the scramble to boost production ahead of production cuts with a datum on October 2016. The US rig count continues to rise and US production has stopped falling. The rest of the oil production world outside of OPEC, N America and Russia continues to suffer under the weight of low oil price. Continue reading

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Oil Production Vital Statistics July 2016

Global total liquids bounced by +600,000 bpd in June as Canada partially recovered from the Fort McMurray wild fire and Saudi Arabia flexed its muscles raising production by 200,000 bpd compared with May.

Not surprisingly the oil price has wilted to the vicinity of $43 / bbl. But Bull and Bear forces are beginning to equilibrate. Continue reading

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Global Production Up One Million bpd in March

Global oil production rose sharply in March by 1 Mbpd and we have a new peak in global total liquids production of 95.24Mbpd. But with the oil price currently resilient, it seems likely that surge in production may have reversed.
The plunge in US oil rig count has resumed. Oil plus gas rig count stood at 905 on May 1, just above the low point reached in the post financial crash period.
I anticipate that the price bottom may be in but that price will bounce sideways along bottom for several months until we see significant falls in OECD production. There is as yet little sign of a significant drop in US production.
The current action appears to be demand driven, the low price raising demand more than it is suppressing supplies. Continue reading

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The Arab Spring – Impact on Oil Production

Oil production has fallen by over 2 million barrels per day in five MENA countries (Libya, Syria, Yemen, Tunisia and Sudan) affected by violence stemming from the Arab Spring that began with riots in Tunisia in December 2010. Continue reading

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BRICK oil production update Sep 2013

In September 2013 oil production in the BRICK countries was 19.4 million barrels per day (Mbpd) representing 22% of the global total. In this group, demand growth is outstripping supply growth and the group seems set to become a significant net importer of oil in the years ahead. Continue reading

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UK North Sea Oil Production Decline

The streets of Aberdeen are lined with Range Rovers, Porsches and Audis. New commercial property and residential developments are popping up all over and around the city. It is boom time in Europe’s oil capital. And yet UK North Sea … Continue reading

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