U.S. & World Oil Production and ExxonMobil Outlook
Here are the latest oil production numbers from the EIA. All data is in thousand barrels per day unless otherwise noted.
The USA through May 2018. The upward surge has stalled for the last two months. US production was down 30,000 bpd in May.
It is a little astonishing how close the Texas chart resembles the USA chart. Texas is, by far, the USA’s largest producer. As Texas goes, so goes the USA. Texas production was up 20,000 bpd in May.
North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May.
Gulf of Mexico production was down 99,000 bpd in April and down another 75,000 bpd in May.
Alaska was down only 1,000 bpd in may but that was 12,000 bpd lower than last may. They are now entering the maintenance season. Expect huge drops in June and July.
The EIA data in this chart is through April and the National Energy Board data is <b>estimated</b> through December 2018. The EIA data is usually lower than the NEB data but they both agree on April production.
World crude oil production was up 326,000 bpd in <b>April.</b>
Non-OPEC production reached a new peak in April, up 405,000 bpd to 47,159,000 bpd. Most of that increase was Canada, up 317,000 and the U.K., up 111,000 bpd.
Here I am adding a few charts and comments from ExxonMobil’s 2018 Outlook for Energy: A View to 2040. Their text is in italics. Any bold in their text is mine.
• Technology improvements lead to wind, solar and biofuels increasing, with a combined growth of about 5 percent per year
• Non-fossil fuels reach about 22 percent of total energy mix by 2040
• Oil continues to provide the largest share of the energy mix; essential for transportation and chemicals
• Natural gas demand rises the most, largely to help meet increasing needs for electricity and support increasing industrial demand
…click on the above link to read the rest of the article…
