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EIA World Crude Oil Production

EIA World Crude Oil Production

All the data below is in thousand barrels per day and through February 2016 unless otherwise noted.

World C+C

They have world C+C peaking, so far, in November 2015 at 80,630,000 bpd. February production was 79,653,000 bpd, or 977,000 bpd below the peak. World C+C production, they say, averaged 80,035,000 in 2015. Average for the first two months of 2016 was 79,933.000 or 102,000 bpd below the average for 2015.

So with world production continuing to decline, there is little doubt that 2016 production will be well below 2015 production.

Non-OPEC

They have Non-OPEC peaking in March 2015 at 46,504,000 bpd and down by 925,000 bpd in February to 45,579,000 bpd.

OPEC C+C

They also publish OPEC members data, Table 11.1a. OPEC C+C failed to breach its 2012 peak but did reach 34,562,000 bpd in July 2015 but by February 2016 it was down 488,000 bpd to 34,074,000 bpd.

Canada

This is the EIA’s version of Canadian production. It looks exactly like Canada’s National Energy Board data except the EIA’s data is about 150,000 bpd less than Canada’s NEB shows. Obviously Canada is counting something that the EIA is not. Look for Canada’s production to decline substantially in 2016. And those May wildfires will not help at all.

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World Crude plus Condensate Decline Rate

World Crude plus Condensate Decline Rate

If none of these problems arises in the near term (say for the next ten years), and demand for oil is high enough to keep annual average oil prices above $75/b from 2018 to 2025, then the average annual decline rate of oil (C+C) output will remain under 2%.

For simplicity in the analysis that follows, I assume the peak in C+C output is 2015 and that output will decline at a relatively steady rate from 2015 to 2025. This in unlikely to be the case in practice and the actual path of future world output is unknown, the intention is to determine a likely trend line for World C+C output.  Using quarterly C+C output data from the EIA, I constructed the charts that follow.

Data is from the International Energy Statistics page at the EIA website.

The “Big 14” oil producers from 2002 to 2015 are (in order from largest to smallest): Russia, Saudi Arabia, United States, China, Iran, Mexico, Canada, UAE, Venezuela, Kuwait, Iraq, Nigeria, Norway, and Brazil. The Rest of the World (ROW) is all other oil producers besides the “Big 14”.
All charts below (except the natural log charts) are in kb/d.

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The Big 14 increased C+C output by about 8 Mb/d from 2010 to 2015.

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For the ROW C+C output decreased by about 3 Mb/d from 2010 to 2015.

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To consider decline rates we look at the linear trend of the natural log of output. For the ROW the average annual decline rate was 2.69% from 2010 to 2015.

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The C+C output of the Big 14 increased at an average annual rate of 2.71% from 2010 to 2015.

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