Friday, August 31, 2018

Saudi's August Production Numbers "Released" -- August 31, 2018

Here's the headline:


Here are the numbers:
Saudi Arabia increased production from 10.40 million bpd in July to 10.48 million bpd in August.
10.48. Not 10.47 or 10.49, but 10.48. "False precision."

Here are some more numbers:
  • global supply / consumption: 100 million bopd
  • North Dakota production: 1.2 million bopd
  • Saudi Arabia: difference between 10.48 million and 10.40 million = 0.08 million = 80,000 bbls
  • DAPL: 470,000 bopd =  80,000 bbls every four hours
And, again, the article did not mention that August is the hottest month in Saudi Arabia where they convert oil to electricity to run their air conditioners.

The metrics at this post are probably better metrics to track.

2 comments:

  1. Just curious, Bruce, what constitutes a "cold" month in The Kingdom?

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    Replies
    1. I was off by a month: wiki says July is the hottest month of the year in Saudi Arabia.

      Whenever my wife or granddaughters ask me a question about something that doesn't make sense, I tell them to a) follow the money; or, b) google it.

      In this case, since no money was involved, I googled it:

      July is the hottest month in Riyadh with an average temperature of 96°F (36°C) and the coldest is January at 59°F (15°C) with the most daily sunshine hours at 11 in July. The wettest month is April with an average of 25mm of rain.

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