2015 Could Be The Year Of Peak Oil

Jun 24, 2015

The EIA has finally updated their International Energy Statistics with data through February 2015. All data in the charts below are Crude + Condensate and is in thousand barrels per day with the last data point February 2015.

World C+C dropped 477,000 bpd in January and another 65,000 bpd in February for a total decline of 542,000 bpd. World C+C stood at 79,160,000 barrels per day in February.

Non OPEC C+C declined 244,000 bpd in January and another 100,000 bpd in February for a total decline of 344,000 since December. Non-OPEC C+C production stood at 46,656,000 bpd in February.

OPEC C+C, in February 2015 stood at 32,504,000 bpd, down 1,451,000 bpd from its peak in April 2012. However according to the OPEC MOMR their crude only is up 1,000,000 bpd from February to May.

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According to the EIA’s International Energy Statistics US C+C production, in February, stood at 9,238,000 bpd. It was down 14,000 bpd in January but up 24,000 bpd in February for an increase of 10,000 over those two months.

An interesting point here is while US C+C was up 10,000 bpd from December to February, US total liquids were down 297,000 bpd. That was because over that two month period they have NGLs down 20,000 bpd, refinery process gain down 150,000 bpd and other liquids down 136,000 bpd.

In spite of the huge rig count decline in Canada the EIA says they were up 99,000 bpd in January and up another 22,000 bpd in February. Canada’s C+C production stood at 3,901,000 bpd in February.

China, after reaching a new high in December fell 83,000 bpd in January and another 14,000 bpd in February. China’s C+C production, in February, stood at 4,218,000 bpd.

 

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Russia’s C+C reached 10,220,000 bpd in January, barely topping the 10,209,000 bpd of November 2013. Their C+C production however dropped 70,000 bpd in February and stood, at that point, at 10,150,000 bpd.

The page Non-OPEC Charts has been updated with charts of all non-OPEC producers.

There has been a lot of discussion on this blog lately as to whether US crude production, in the last few months has been up or down. The EIA’s Weekly Petroleum Status Report has U.S production soaring in 2015, reaching new highs almost every week. However the EIA’s own Drilling Productivity Report has shale oil, the source of almost all US production gains, peaking in April with an increasing decline in May, June and July. And reports from individual states seem to indicate that the decline started even earlier. For more, visit OilPrice.com