Friday, May 27, 2016

Favorite Production Graphic Has Been Updated -- May 27, 2016

My favorite global production graphic has been updated. The new graphic:

Note the incredible increase in crude oil production by Russia (purple arrow) and Saudi Arabia (green arrow) since 2012. The remarkable increase in Saudi Arabia production between October, 2014, and October, 2015, resulted in the price of oil plummeting from $120/bbl to $25/bbl with talk at one time suggesting oil would go to $18/bbl (Goldman Sachs), or thereabouts. Exact quotes will be hard to find as folks try to walk back their "crazy talk."

Platts has projections for Russian production through 2017 at this link

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