Oilwatch Monthly October 2009

Latest Developments:

1) Conventional crude production – Latest figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 715,000 b/d from June to July 2009, resulting in total production of crude oil including lease condensates of 72.42 million b/d. Crude oil production in the EIA International Petroleum Monthly for June 2009 was revised downward from 71.76 to 71.71 million b/d. The all time high production record of crude oil stands at 74.75 million b/d reached in July 2008.

2) Total liquid fuels production – In September 2009, world production of all liquid fuels increased by 320,000 barrels per day from August according to the latest fgures of the International Energy Agency (IEA), resulting in total world liquid fuels production of 84.92 million b/d. Liquids production for August 2009 was revised downwards in the IEA Oil Market Report of October from 84.88 to 84.60 million b/d. Average global liquid fuels production in 2009 up to September was 84.61 versus 86.6 and 85.32 million b/d in 2008 and 2007.

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