OPEC May Oil Production

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Includes: BNO, DBO, DBRT, DNO, DTO, DWT, OIL, OILD, OILK, OILU, OILX, OLEM, OLO, SCO, SZO, UBRT, UCO, USAI, USL, USO, USOD, USOI, USOU, UWT, WTID, WTIU
by: Ron Patterson

All OPEC data below is from the OPEC Monthly Oil Market Report. All OPEC data is in thousand barrels per day and is through May 2018.

OPEC 14 Crude oil production was up 35,000 barrels per day, but that was after March production had been revised down by 32,000 bpd and April production was revised down by 89,000 bpd.

Nigeria's April production was revised down by 27,000 bpd and Saudi Arabia's April production was revised down by 58,000 bpd.

Nigeria's March production was revised down by 26,000 bpd, and their April production was revised down by 27,000 bpd. And still their May production was down by 53,500 bpd.

Saudi Arabia's April production was revised down by 58,000 bpd. Their March production was unrevised.

Venezuela's collapse continues.

Equatorial Guinea was not a member of OPEC when quotas were set. Libya and Nigeria are not subject to quotas due to political problems in those states.

Some folks asked for data going back further than I have been posting. So I have posted below, USA, World, OPEC and Non-OPEC data going back to 1973. All data is in thousand barrels per day, and it's through February 2018 except USA data which is through April. All data below is crude + condensate.

World oil production, since the early 1980s, has been increasing steadily except for two brief pauses. One in the late 1980s to early 1990s and again from 2005 to 2010.

The dip you see in Non-OPEC production, late 1980s through early 1990s, was caused by the collapse of the Soviet Union. Non-OPEC peaked, so far, in December 2015. The spike you see, 2012 to the present, is entirely due to US shale oil production.


This is OPEC crude + condensate according to the EIA. The OPEC MOMR does not report condensate as its production is not counted in the quota system. The highest peak on this chart is December 2016. That was OPEC preparing for quota cuts. But as this chart shows, there were no real cuts at all.

This graph shows the dramatic effect shale oil has had on US production. This graph does not show the first peak in 1970. The second peak in 1986 was when Alaska's Prudhoe Bay peaked. The current peak here is April 2018 and is an all-time high.

Non-OPEC less USA has been on a bumpy plateau for the last fourteen and one-half years. When shale oil peaks, the US peaks and Non-OPEC peaks. Then the "call on OPEC" will be to save the world.