{"id":22459,"date":"2017-01-12T21:55:58","date_gmt":"2017-01-13T02:55:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22459"},"modified":"2017-01-12T21:55:58","modified_gmt":"2017-01-13T02:55:58","slug":"oil-production-vital-statistics-december-2016","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22459","title":{"rendered":"Oil Production Vital Statistics December 2016"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/euanmearns.com\/oil-production-vital-statistics-december-2016\/\">Oil Production Vital Statistics December 2016<\/a><\/h3>\n<div class=\"entry-content\">\n<p><img decoding=\"async\" src=\"http:\/\/www.euanmearns.com\/wp-content\/uploads\/2017\/01\/rigsnprice30dec16.png\" alt=\"\" width=\"250\" align=\"left\" hspace=\"10\" \/>Global total liquids production hit yet another record high of 98.24 Mbpd in November led by OPEC and Russia! Libya\u2019s drive to restore production is a significant factor with production up 280,000 bpd from recent lows. The US oil rig count has risen for 32 consecutive weeks and US oil production has\u00a0stopped falling. Production from the North Sea and Asia are in decline as the past low price and drive to restore profitability works through the system.<br \/>\n<span id=\"more-16379\"><\/span><br \/>\nThe oil price has significantly broken above the\u00a0$51 \/ bbl resistance and Brent is currently at $57. With OPEC + Russia due\u00a0to decrease\u00a0production from January first and to maintain lower plateau levels, combined with the relentless rise in demand, the oil price should rally from here, but not by much. The ceiling is set by the cost of new supply that currently resides with the N American LTO frackers. US production has halted its decline which is perhaps a sign of what is coming.<\/p>\n<p>The following totals compare November\u00a02016 with November\u00a02015:<\/p>\n<ul>\n<li>World Total Liquids +780,000\u00a0bpd<\/li>\n<li>OPEC +950,000<\/li>\n<li>Russia + FSU\u00a0+440,000<\/li>\n<li>Europe -170,000 bpd<\/li>\n<li>Asia\u00a0-640,000<\/li>\n<li>North America -640,000<\/li>\n<\/ul>\n<p>The net figures from the above are +1.39\u00a0Mbpd and -1.45 Mbpd leaving a net -0.06\u00a0Mbpd increase compared\u00a0with the + 0.78 Mbpd global total liquids figure.<\/p>\n<p>Year on Year, OPEC and Russia are the big winners. North America, Asia and Europe the big losers. And on the drilling front:<\/p>\n<ul>\n<li>US total rig count up 261\u00a0to 665\u00a0from the low of 27 May<\/li>\n<li>International rigs up\u00a015 in\u00a0November<\/li>\n<\/ul>\n<p>This article first appeared on\u00a0<a href=\"http:\/\/euanmearns.com\/oil-production-vital-statistics-december-2016\/\" target=\"_blank\">Energy Matters<\/a>.<\/p>\n<p><a href=\"http:\/\/www.eia.gov\/dnav\/pet\/pet_pri_spt_s1_m.htm\" target=\"_blank\">EIA oil price<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.bakerhughes.com\/rig-count\" target=\"_blank\">Baker Hughes rig count<\/a>\u00a0charts are updated to the end\u00a0of October\u00a02016, the remaining oil production charts are updated to September\u00a02016 using the\u00a0<a href=\"http:\/\/www.euanmearns.com\/wp-content\/uploads\/2016\/08\/oilpricedetailaug16.png\" target=\"_blank\">IEA OMR<\/a>data.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil Production Vital Statistics December 2016 Global total liquids production hit yet another record high of 98.24 Mbpd in November led by OPEC and Russia! Libya\u2019s drive to restore production is a significant factor with production up 280,000 bpd from recent lows. The US oil rig count has risen for 32 consecutive weeks and US [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[251,14663,592,595,600,694],"class_list":["post-22459","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-eia","tag-evan-mearns","tag-oil-price","tag-oil-production","tag-opec","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22459"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22459\/revisions"}],"predecessor-version":[{"id":22460,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22459\/revisions\/22460"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}