The Oil Drum: Saudi Arabian oil declines 8% in 2006

Stuart Staniford puts together a wonderful piece today digging into Saudi production and concludes that, “there is some evidence of a very slight acceleration in November of a process of declining production that was ongoing throughout the second half of 2006 (and in to January of this year). This excess decline does not exceed 200 thousand barrels per day. On the whole, media coverage of OPEC production cuts appears to be almost completely unmoored from the data the agencies are reporting. The entire “production cut” may be a public relations exercise to disguise other processes.”
Much more after the jump to The Oil Drum.