By Ron Patterson
All data below is in thousand barrels per day and is through February 2017.
OPEC crude oil production dropped to 31,958,000 bpd in January. That was a drop of 140,000 bpd. In January OPEC production dropped 930,000 bpd for a two-month total of 1,070,000 bpd.
Officially OPEC agreed to cut production by 1.2 million barrels per day beginning in January. So, they are getting close.
OPEC’s November production of 33,374,000 represented an all-time high for the Cartel.
Algerian production held steady in February after a drop of 33,000 bpd in January.
Angola’s production was down 18,200 bpd in February.
Ecuador’s production dropped 4,400 bpd in February after dropping 13,000 bpd in January.
Gabon dropped 7,000 bpd in February and reached a new low of 194,000 bpd.
Iran continues to ignore any requests from OPEC to cut production. Iran’s production was up over 36,000 bpd in February to 3,814,000 bpd. The last time Iran produced this much oil was in October of 2008.
Iraqi production was down another 62,000 bpd in February to 4,414,000 bpd. They are still producing a lot more than Iraq.
Secretive biotech company has been working on a device that could save millions of lives and transform the medical market in 2017. Kuwaiti crude production declined by only 9,000 bpd in February after being down141,200 bpd in January.
Libya’s production dropped by 11,000 bpd in February to 669,000 bpd.
Nigeria’s production was up 58,000 bpd in February. Both Nigeria and Libya are exempt from OPEC cuts because of political problems.
Qatar’s crude oil production declined only slightly in February after declining 18,000 bpd in January.
Saudi Arabia’s January production was revised downward by 81.000 bpd. As a result, their production was down 578,000 bpd in January and another 68,000 bpd in February. They were also down 182,000 bpd in December. So, they are down a total of 828,000 bpd since their high in November.
UAE production was down 37,000 bpd in February after being down 128,000 bpd in January.
Venezuelan production continues to decline. They are now below 2 million bpd for the first time since the strike of December 2002/January and February of 2003. Production dropped to 620,000 bpd in January 2003 before Chavez fired all the strikers and hired all new workers.
By Ron Patterson