Oil Rallies As OPEC Production Falls | OilPrice.com – OilPrice.com
Politics

Oil Rallies As OPEC Production Falls | OilPrice.com – OilPrice.com

By Ron Patterson – Apr 10, 2019, 3:00 PM CDT

Oil

The below OPEC charts were taken from data in the OPEC Monthly Oil Market Report. All data is through March 2019 and is in thousand barrels per day.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 1

(Click to enlarge)

There was another big decline in OPEC production in March, down 534,000 barrels per day.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 2

(Click to enlarge)

The decline was mostly Saudi Arabia, Venezuela, and Iraq.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 3

(Click to enlarge)

Iran, Libya and Venezuela are exempt from quotas. Everyone except Saudi Arabia are near their quota. Saudi is over half a million barrels per day below their quota.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 4

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 5

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 6

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 7

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 8

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 9

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 10

(Click to enlarge)

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 11

(Click to enlarge)

Although Iraq was down  126,000 bpd in March they are still at their average for the last two and one-half years.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 12

(Click to enlarge)

I think Kuwait is at, or very near, peak production except for their share of the neutral zone. That is shared 50/50 with Saudi Arabia. Their share would be about half a million barrels per day. It is shut down because of a political disagreement between the two countries.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 13

(Click to enlarge)

Libyan production was up 196,000 in March. They will likely be down again in April as fighting there has escalated.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 14

(Click to enlarge)

Nigeria appears to be in slow decline. They are still producing well above their quota.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 15

(Click to enlarge)

Saudi Arabia is another story altogether. They are over half a million barrels per day below their quota.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 16

(Click to enlarge)

The UAE is producing slightly below their quota. The October, November, December spike in production was obviously a heroic attempt to increase their quota as they are still producing well above their average before that three month period.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 17

(Click to enlarge)

Venezuelan production was down 289,000 bpd in March. The blackouts there hit them hard. I would be afraid to even guess where they are going from here.

Oil Rallies As OPEC Production Falls | OilPrice.com - OilPrice.com 18

(Click to enlarge)

By Peak Oil Barrel

More Top Reads From Oilprice.com:


Back to homepage

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *