Random Update Of Crude Oil Production -- March 16, 2018

There is talk that Russia might cut short its agreement on crude oil production cuts this summer. Saudi Arabia says it remains committed to maintaining production discipline. The US? pedal to the metal if the price is right.

A historical look at production is enlightening.

Note: see first comment. Be sure to note that the y-axes are different in these three graphs. The range for the Russian graph, for example, is 10.54 million bopd most recently, compared with a high of around 10.75 million -- that range is not particularly great. Meanwhile, during that same period, US production went from around 9.0 million bopd to 10.4 million bopd -- a significant different from that of Russia. OPEC, in the big scheme of things has not varied much -- ranging between 36 million bopd and 34 million bopd.


Russia:

OPEC:

US: