Monday, November 23, 2015

"Trends in oil production"

From Econbrowser:
World field production of crude oil increased 2.9 million barrels a day in the 12 months ended last July. That compares with a 3.6 mb/d increase over the entire nine years from Jan 2005 to Dec 2013.
World field production of crude oil in thousands of barrels per day, Jan 1973 to July 2015.  Data source: Monthly Energy Review, Table 11.1b.
The biggest single factor is Iraq, where production is up almost 1.1 mb/d over the last year. Although ISIS has managed to bring cruelty to much of the rest of the world, so far they have not disrupted Iraqi oil production.
Iraq field production of crude oil in thousands of barrels per day, Jan 1973 to July 2015.  Data source: Monthly Energy Review, Table 11.1a.
The second biggest factor in the 2.9 mb/d gain was the United States, where production increased 0.6 mb/d July 2014 to July 2015, thanks to the tremendous success of shale oil, or production based on horizontal fracturing of tight geologic formations.
U.S. field production of crude oil in thousands of barrels per day, Jan 1973 to July 2015.  Data source: Monthly Energy Review, Table 11.1b.
...MORE (looking for the turn)