Highlights Oil and Gas

OPEC July Production Data

OPEC crude oil production was down 246,000 barrels per day in July.

Iran’s decline, due to sanctions, has slowed slightly but they were still down 47,000 bpd in July.

Iraq’s crude oil production was up 32,000 bpd in July. That is a new all-time high for them. They are totally ignoring their OPEC quota request.

Saudi Arabia is the big question. Are they choosing to produce 613,000 barrels per day below their quota? Or perhaps there is another reason?

All data below, unless otherwise specified are from the latest OPEC Monthly Oil Market Report. All data is through July and is thousand barrels per day.

OPEC crude oil production was down 246,000 barrels per day in July

There is often a difference between what secondary sources say OPEC produces and what the countries themselves say they produced. Nigeria said they were up 146,000 bpd while secondary sources said they were down 21,000 bpd. Similar differences can be found in the Saudi and Venezuela data.

Iran’s decline, due to sanctions, has slowed slightly but they were still down 47,000 bpd in July.

Iraq’s crude oil production was up 32,000 bpd in July. That is a new all-time high for them. They are totally ignoring their OPEC quota request.

Venezuela’s crude oil production decline appears to have reached a bottom.

Libya, Iran, and Venezuela are exempt from OPEC quotas. Iraq is totally ignoring their quota as they are producing 241,000 barrels per day above their quota. I believe Nigeria and Angola are both producing flat out. Angola is producing 86,000 bpd below their quota while Nigeria is producing 101,000 bpd above their quota. Kuwait may be producing flat out as well as they are 46,000 bpd below their quota.

Saudi Arabia is the big question. Are they choosing to produce 613,000 barrels per day below their quota? Or perhaps there is another reason?

I am a bit skeptical of OPEC’s estimate of World total liquids supply of 98.7 mb/d. Also, their statement that OPEC crude share of global production is just not correct. OPEC production, crude only, has averaged 39% of world C+C. OPEC does not publish C+C data, but if they did, their C+C data would be well over 40% of all C+C production.

Russian C+C production was down 11,000 bpd in July, according to the Russian Minister of Energy.

OPEC plus Russia C+C production averages over 55% of total world production.

 

Source: seekingalpha

 

 

 

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