Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on October 11, 2019

Bookmark and Share

OPEC September 2019 Oil Production

OPEC September 2019 Oil Production thumbnail

Data for the OPEC charts below were taken from the October OPEC Monthly Oil Market Report

OPEC 14 crude oil production was down1,318,000 barrels per day in September. Most of that decline was due to the Iranian attack on the Saudi oil complex at Abqaiq.

Algeria is in slow decline.

Angola is also in slow decline.

The Republic of the Congo does not have enough production to be a factor one way or the other.

Ecuador will leave OPEC at the end of December.

Equatorial Guinea hardly produces enough to make a difference.

Gabon is at 200 kb/d.

Iran is trying desperately to overcome sanctions but is not having a lot of luck.

Iraqi crude production was down 60,000 bpd in September but they are still 212,000 bpd above their quota.

I believe Kuwait is producing flat out and will continue a slow decline. That is except for the Neutral Zone of course, which is shut down due to a conflict with Saudi Arabia.

Libya is exempt from sanctions due to ongoing conflict in the area. Nevertheless, I believe the conflict is having little effect on their production

Nigerian crude oil production was down slightly in September, 16 kb/d. However, they are still producing at 174,000 bpd above their quota.

Saudi crude oil production was down 1,280,000 barrels per day in September due to the attack on their Abqaiq facility. It remains to be seen how much they have recovered.

UAE crude oil production is holding steady. They are only 10,000 bpd above their quota. Their October, November, December surge was simply positioning for a higher quota. They may have simply saved oil in storage preparing for quota positioning.

Venezuela took another big hit in September, down 82,000 bpd. What happens to Venezuela is a big question. If their government collapses completely, what will happen to their oil production?

Eleven OPEC nations are subject to quotas. Most of them are simply ignoring their quota and producing flat out. Saudi Arabia is having the only country having a major effect on world oil production.

World oil supply was down 1,770,000 barrels per day in September. Most of that was obviously due to the Saudi Arabia Abqaiq attack. However Non-OPEC total liquids production, according to the OPEC Secretariat, was down 450,000 barrels per day in September. That is very significant. I wonder where it came from?

Russia was down 56,000 barrels per day in September.

OPEC + Russia was down 1,377,000 barrels per day in September.

 

peak oil barrel



Leave a Reply

Your email address will not be published. Required fields are marked *