Oilwatch Monthly - World Total Liquids Down 430K/Day July - August ; Crude Down 503K April - May

[hatrack]

World liquids production status

In August world production of total liquids decreased by 430,000 barrels per day from July according to the latest figures of the
International Energy Agency (IEA). Resulting in total world liquids production of 84.60 million b/d, which is 854,000 b/d lower year
on year from August 2006 to August 2007 and 1.53 million b/d lower than all time maximum liquids production of 86.13 million
b/d reached in July 2006. The average production in 2007 up to August has been 85.05 million b/d, comparable to the average 2006
production of 85.00 million b/d.

World crude oil production status

Latest available figures from the Energy Information Administration (EIA) show that crude oil production decreased by 503,000 b/d from
April to May. Total production in May was estimated at 73.06 million b/d, which is 1.21 million b/d lower than all time high crude oil
production of 74.27 million b/d reached in May 2005.

OPEC production status

Total crude oil production of the OPEC cartel decreased by 80,000 b/d to a level of 30.16 million b/d, from July to August, according to the latest estimates of the IEA. Natural Gas Liquids production increased with 20.000 b/d to 4.82 million b/d, from June to July, according to the IEA. The average total liquids production in 2007 up to August has been 35.12 million b/d, which is 593,000 b/d lower than average 2006 production of 35.71 million b/d.

Non-OPEC production status

Total liquids production of non-OPEC decreased by 600,000 b/d, from July to August, according to the latest figures of the IEA. The
average total liquids production in 2007 up to August has been 49.93 million b/d, which is 645,000 b/d higher than average 2006
production of 49.29 million b/d.

EDIT

http://www.peakoil.nl/wp-content/uploads/2007/09/oilwatch_monthly_september2007.pdf

[lurky]

1. Is this because of reduced production or dwindling supply?

Just curious...

[GliderGuider]

3. That's the $64,000 question

What we do know is that if the demand is there (and it appears to be) then reduced production at these prices makes little sense. Unless, of course, producers have read the writing on the wall and are hoarding.

What should be more worrying to oil importers is the slump in oil exports of almost 1 mbpd. This seems to be due largely to the rising internal demand in producing countries not being offset by increased production. We seem to be on the brink of a sharp fall in exports.

[lurky]

4. Regardless, increased demand + decreased supply = trouble

No need for a PhD in Econ to see that.

[Strelnikov_]

2. "Captain, I'm givin ye all she's got"

[Systematic Chaos]

5. Dammit, Jim, I'm a DOCTOR - not a petroleum geologist!

:rofl:

Wait... this shit ain't funny.... :(