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Page added on January 2, 2013
OPEC Top Three Oil Producers
The above graph shows the oil production of Saudia Arabia (top panel) and Iran and Iraq (lower panel). You can see the sanctions-induced deterioration in Iran’s production, as well as the beginning of the rise in Iraqi production which I expect to go on in fits and starts for many years, assuming the country can remain politically stable. Iraq has now surpassed Iran in production to become OPEC’s second largest producer.
In the meantime, Saudi Arabia, after reaching a new production high in mid 2012 has been slightly ramping back production in the last few months.
In each case, the lines on the above graph are the averages of the available sources. I posted the details on Iran the other day. The Saudi graph is here:
It’s interesting that the rig count is hitting new highs suggesting that ongoing investment is new/replacement capacity is significant.
The Iraqi graph is here:
2 Comments on "OPEC Top Three Oil Producers"
MrEnergyCzar on Thu, 3rd Jan 2013 12:53 am
Iran peaked in 1976 at 6.6 million bbl/day..
MrEnergyCzar
BillT on Thu, 3rd Jan 2013 2:18 am
Consider: Iran was producing 3.5 million BBL/day in 2000 at $30.
Today Iran is producing 3.0 M.bbl/day at $110.
Even factoring in inflation, you get at least a 100% increase in income per barrel.
3.5 M @ $30 = $ 105 M./day in 2000
3.0 M @ $110 = $ 330 M./day in 2012
Does this say that the ‘sanctions
are working? Or does it say that the MSM does not tell ‘the rest of the story’?