OPEC January Oil Production Data
The OPEC Monthly Oil Market Report is out production data for January 2018. All data, unless otherwise noted, is through January 2018 and is in thousand barrels per day.
OPEC crude only production has held steady for three months. However, this chart masks the fact that November production was revised downward by 45,000 barrels per day and December production was revised downward by 107,000 barrels per day. January production was 76,000 barrels per day below last years 12 month average of 32,378,000 barrels per day and 247,000 barrels per day lower than OPEC’s 2016 12 month average of 32,549,000 barrels per day.
OPEC oil production was down just 8,100 barrels per day in January. November production was revised down 45,000 bpd and December production was revised down by 107,000 bpd. The largest revisions were for Venezuela. Their production was revised down 28,000 bpd in November and 98,000 bpd in December.
Algeria, like at least 8 other OPEC countries, is in continuous decline.
Angola peaked in 2008 at a 12 month average of 1,870,000 barrels per day are currently about a quarter of a million barrels per day below that number.
Ecuador’s crude oil production increased steadily for four and one-half years, from mid-2010 to January of 2015 and has been on a bumpy decline for the last three year
Equatorial Guinea’s chart speaks for itself. I really don’t know why they joined OPEC. Their production is clearly in decline but is not enough to make much difference either way.
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