A breakdown of the extraction rates of light, medium and heavy crude over recent years shows light sweet crude oil has peaked globally.
In 2000, non-OPEC crude output was 66 mb/d and the split of non-OPEC crude production by light (>35 API), medium (26 to 35 API), and heavy (<26 API) was approximately 41%, 44%, and 15%, respectively. However, in 2004 with production at 70 mb/d, the split was 34%, 49%, and 18%, respectively. In terms of sulphur content, 47% of crude production in 2000 was sour (sulphur >0.5%) whilst in 2004 it was 51%.
OPEC crude production during the 2000 to 2004 period saw an average increase of 1 mb/d of light sweet and 0.9 mb/d of medium sour crudes, while heavy sour output dropped 0.7 mb/d…
August 2005 OPEC Monthly Oil Market Report, Page 4
opec.org
In 2000, light sweet made up 41% of 66 mil. That's 27 mil.
In 2004, light sweet made up 34% of 70 mil. That's 24 mil.
non-opec dropped 3 mil while opec only increased 1 mil.
Welcome to the right-hand side of the curve. |
