Oilwatch Monthly September 2009

The September 2009 edition of Oilwatch Monthly can be downloaded.

The Oilwatch Monthly is a newsletter that is available free of charge with the latest data on oil supply, demand, oil stocks, spare capacity and exports.

A summary and latest graphics below the fold.
Latest Developments:

1) Conventional crude production – Latest figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 444,000 b/d from May to June 2009, resulting in total production of crude oil including lease condensates of 71.78 million b/d. Crude oil production in the EIA International Petroleum Monthly for May 2009 was revised downward from 71.8 to 71.33 million b/d. The all time high production record of crude oil stands at 74.74 million b/d reached in July 2008.

2) Total liquid fuel production – In August 2009 world production of all liquid fuels declined by 400,000 barrels per day from July according to the latest fgures of the International Energy Agency (IEA), resulting in total world liquid fuels production of 84.88 million b/d. Liquids production for July 2009 was revised upward in the IEA Oil Market Report of August from 85.15 to 85.28 million b/d. Average global liquid fuels production in 2009 through August was 84.6 million b/d versus 86.6 and 85.32 million b/d in 2008 and 2007 respectively.

3) OPEC Production – Total liquid fuels production in OPEC countries increased by 50,000 b/d from July to August to a level of 34.16 million b/d. Average liquid fuels production in 2009 through August was 33.59 million b/d, versus 36.09 and 35.02 million b/d in 2008 and 2007 respectively. All time high production of OPEC liquid fuels stands at 36.58 million b/d reached in July 2008. Total crude oil production excluding lease condensates of the OPEC cartel increased by 50,000 b/d to a level of 28.80 million b/d, from July to August 2009, according to the latest available estimate of the IEA. Average crude oil production in 2009 through August was 28.58 million b/d, versus 31.43 and 30.37 million b/d in 2008 and 2007 respectively. OPEC natural gas liquids remained stable from July to August at a level of 5.36 million b/d. Average OPEC natural gas liquids production in 2009 through August was 5.01 million b/d, versus 4.66 and 4.55 million b/d in 2008 and 2007 respectively.

4) Non-OPEC Production – Total liquid fuels production excluding biofuels in Non-OPEC countries decreased by 450,000 b/d from July to August 2009, resulting in a production level of 49.17 million b/d according to the International Energy Agency. Average liquid fuels production in 2009 through August was 49.51 million b/d, versus 49.32 and 49.34 million b/d in 2008 and 2007 respectively. Total Non-OPEC crude oil production excluding lease condensates increased by 162,000 b/d to a level of 41.24 million b/d, from May to June 2009, according to the latest available estimate of the EIA. Crude oil production in the EIA International Petroleum Monthly for May 2009 was revised downward from 41.5 to 41.08 million b/d. Average crude oil production in 2009 through June was 41.51 million b/d, versus 41.32 and 41.80 million b/d in 2008 and 2007 respectively. Non-OPEC natural gas liquids production decreased by 117,000 from May to June to a level of 3.30 million b/d. Average Non-OPEC natural gas liquids production in 2009 through August was 3.41 million b/d, versus 3.65 and 3.79 million b/d in 2008 and 2007 respectively.

The Oil Drum: Europe