All OPEC data below is from the OPEC Monthly Oil Market Report The data is through October 2018 and is in thousand barrels per day.

OPEC 15 crude oil production was up 127,000 barrels per day in October. that was after September production was revised upward by 13,000 bpd.

OPEC production will likely be up a bit more in November but down considerably in December.

Iran down 156,000 barrels per day in October due to sanctions.

Iraq production has been flat lately. They are obviously pumping every barrel they possibly can.

Kuwaiti crude oil production has been relatively flat for 6.5 years. During that period their oil rig count increased from around 20 to a high of 44. It has recently dropped to 35 however. It should be obvious that they are producing flat out.

Saudi Arabia reached a new all time high in October of 10,630,000 barrels per day, 5 thousand bpd higher than their previous high in November of 2016.

The UAE also reached a new all time high in October of 3,160,000 barrels per day, 70,000 barrels higher than their previous high in December 2016.

And of course, Venezuela continues their decline.

World oil supply, that is total liquids, is now just short of 100,000,000 barrels per day.

Russian oil production was up 43,000 barrels per day in October to 11,365,000 bpd according to the Russian Minister of Energy.

All USA and world production numbers are only through July 2018.

US production was up 269,000 barrels per day in July to 10,964 bpd.

Even though the US increased production in July by 269,000 bpd, Non-OPEC production was still down 29,000 bpd to  46,903,000 bpd.

World C+C production was down 18,000 barrels per day in July to 81.983,000 bpd.

Non-OPEC less USA peaked in December 2015 at 37,934,000 barrels per day. It was down in July by 1,595,000 bpd from that point.

World less USA peaked in November 2016 at 73,407,000 barrels per day. In July it was down 2,388,000 barrels per day from that point.

The question  is: Just how long will the USA be able to continue to increase production in order to hold off peak oil?

And on another subject:

The EIA has Canadian C+C production down 415,000 barrels per day in July while the Canadian National Energy Board has Canadian production up 133,000 bpd. However, both numbers are subject to revision. On average, the EIA has Canadian production about 200,000 barrels per day below the Canadian NEB estimate.







Source link