Sunday, September 2, 2018

Production Data Now In For The Top Three -- September 2, 2018 ... And The Winner Is ....


September 10, 2018: another data point. Iraq in September, 2018 --
  • production: 4.4 million bopd
  • exports: 3.6 million bopd 
Original Post
The EIA is now rounding data production to the nearest "100,000 bopd" but that's probably better than "false precision." It appears the EIA made the change starting in June, 2018.

We have August production data for Russia and the US.

Saudi Arabia will release it's August data on September 12, 2018.

So the data, for August, 2018:
  • Russia has bragging rights: 11.21 million bopd, data here
  • US: posting 11.0 million bopd -- data here;
  • Saudi Arabia, estimate: 10.42 million bopd -- see below
And, for July, 2018
  • Saudi Arabia: 10.48 million bopd, which would round up to 10.5 million bopd -- data  here; up and down; up and down; lots of talk over the past decade, but at the end of the day, Saudi is pretty consistent at 10.5 to 11.0 million bopd. See Saudi production note below.
Russia has been the main beneficiary from its agreement with the Organization of Petroleum Exporting Countries made two months ago to unfetter production. The country added nearly 250,000 barrels a day of output in June and July, while its biggest partner in the pact -- Saudi Arabia -- has kept supply below the level it was said to have indicated in June amid concerns over strength of global demand.
Still, the Saudis pumped more than 10.42 million barrels a day last month, according to two OPEC delegates. That’s an increase of nearly 140,000 barrels from the July output it has reported to OPEC. The cartel is due to disclose its August data on Sept. 12.
Note: someone must be reading the blog.

I have used the word "unfettered" since 2010 or thereabouts when discussing Bakken production, as in, "unfettered, North Dakota could produce 2.1 million bopd."

But this is the first time I've come across a Bloomberg article using the word "unfetter" when discussing oil. Need to google. My bad. A quick google search reveals Bloomberg uses "unfetter" or "unfettered" quite often. Whatever.

By the way, from an earlier post, just a few weeks ago, regarding Saudi production:
Saudi Arabia nearly sets all-time production record. Yawn. How many times have we heard this story
The kingdom’s oil production grew by 230,000 barrels a day in July, to 10.65 million barrels per day. This is just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data.
How Did I Miss This?

This story is more than two years old but I was not aware of this name change until now.

I spent one summer in Barrow, Alaska, while in college. Great experience.

But back in 2016, the name was changed.

Story here.

No comments:

Post a Comment