OPEC Update
The latest OPEC Monthly Oil Market Report is out out. The charts are “Crude Only”production and do not reflect condensate production.
Also the charts, except for Libya, are not zero based. I chose to amplify the change rather than the total. OPEC is now 13 nations with the the addition of Indonesia.
All Data is in thousand barrels per day.
OPEC production was up 15,000 barrels per day in March. But there has really been very little change since June of 2015.
OPEC uses secondary sources such as Platts and other agencies to report their production numbers. These numbers are pretty accurate and usually have only slight revisions month to month. The big gainer in March was Iran while the biggest loser was the UAE. Notice that the UAE says their production recovered in March, from their big drop in February. But OPEC’s “Secondary Sources” says they did not, they fell another 100,000 barrels per day.
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