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Page added on August 17, 2012
Global Oil Production Fell 1mbd in June/July
I’ve been commenting for a few months that global liquid fuel production doesn’t seem to have continued increasing in 2012. I’ve now updated my graph above with the latest data. OPEC has revised down their numbers for June significantly and both the IEA and OPEC show very slight increases in July relatively to June. The overall effect is now that production appears to have fallen about 1mbd in June versus the plateau level that obtained from January to May, and has not recovered in July.
Here’s the other graph I usually show:
Prices rebounded slightly in June – but nowhere near the level of earlier in the year.
5 Comments on "Global Oil Production Fell 1mbd in June/July"
mike on Fri, 17th Aug 2012 6:50 pm
Low demand, Oil production will probably continue up very very very slowly for the next 3 or 4 years. Then the S will really hit the F in around 2015/16
destroyb4new on Fri, 17th Aug 2012 8:15 pm
that’s a stupid speculation.
BillT on Sat, 18th Aug 2012 12:23 am
Figures lie and liars figure…
The energy slope is down for the rest of humanities days. All the propaganda in the world does not change reality. We can have oil at high prices and a depression where no one can afford it, or we can have a scarcity of oil at lower prices and no one can find any. THAT is the choice for the future. Energy per person has been dropping for years and will continue to do so. Adjust…
Johny K. on Sat, 18th Aug 2012 4:24 pm
Ok, my solution – just include another crazy item in the liquid fuel definition, so that the overall number keeps growing
Kenz300 on Sun, 19th Aug 2012 1:25 pm
And demand for oil in China increases from 6 to 9% a year……….
China and India with their billion plus populations are the driving force in oil demand.
Higher prices and limited supplies are the future…..