oil supply

Global oil production was 1,680,000 barrels per day less than demand in October

Last week saw the release of OPEC's November Oil Market Report, which includes the details on OPEC's & global oil data for October, and hence it gives us a picture of the global oil supply & demand situation as Chinese demand grew faster than expected, after their first half recovery from the country's restrictive Covid policy had stalled over the summer, while oil supplies continued to be impacted by the the most recent unilateral million barrel per day production cut by the Saudis.

Global oil production exceeded demand by 1,490,000 barrels per day in June

Tuesday of the past week saw the release of OPEC's July Oil Market Report, which includes details on OPEC & global oil data for June, and hence it gives us a picture of the global oil supply & demand situation at a time when Chinese demand was curtailed by restrictive Covid lockdowns, while the supply of Russian oil was curtailed by sanctions imposed by the West

Global oil output surplus was at 8.6 million barrels per day in May, despite OPEC cut of 6.3 million bpd

Wednesday of this past week saw the release of OPEC's June Oil Market Report, which covers OPEC & global oil data for May, and hence it gives us a picture of the global oil supply & demand situation during the first month of the two month agreement between OPEC, the Russians, and other oil producers to cut production by 9.7 million barrels a day from an elevated October 2018 baseline.

March global oil surplus at 17.7 million barrels per day; 2nd qtr surplus to be at 6.2 million bpd despite OPEC-led cuts

Thursday of this past week saw the release of OPEC's April Oil Market Report, which gives us a picture of the global oil supply & demand situation in March, after the breakdown of OPECs agreement to cut oil production in the first quarter, when Saudi and its allies were engaged in an oil price war against the Russians and US shale, but before last week's agreement to cut production by 9.7 million barrels a day.

OPEC report shows July's global oil output was two million barrels per day short of demand

This week we're going to review OPEC's August Oil Market Report (covering July OPEC & global oil data). As you’ll see, it shows there was a large shortfall in the amount of oil produced in July, a story that doesn’t seem to be being told elsewhere, as even the analysts don’t read the entire report (100+ pages)

OPEC's February Oil Market Report showed that the global oil glut is growing again

Since the media largely missed what the data from OPEC's February Oil Market Report (covering January OPEC & global oil data) actually showed, and since Saudi jawboning about oil supply and demand in advance of the Aramco IPO has been keyed to keeping oil prices higher, we'll take a quick look at that report, which is available as a free download.

OPEC oil output at a 6 month low; global oil output at a 12 month high

We’re going to start by reviewing OPEC's December Oil Market Report (covering November OPEC & global oil data), which was released on Wednesday of last week, and which is now available as a free download.  The first table from this report that we'll look at is from page 64 of that OPEC pdf, and it shows oil production in thousands of barrels per day for each of the current OPEC members over the recent years, quarters and months, as the column headings indicate. 

Despite OPEC Cuts, Global Glut Grows A Million Barrels a Day

Last week saw the release of the OPEC Monthly Oil Market Report for February (pdf), which covers global oil data for January.  It's the production data in that report, not the IEA estimates that we looked at last week, that will determine, by OPEC's own standards, whether their members have complied with the production cuts they have agreed to or not.

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