December World Oil Production at Post-Pandemic High – Peak Oil Barrel
04/09/2024 Ovi
By Ovi
The focus of this post is World oil production along with a more detailed look at the top 11 Non-OPEC oil producing countries.
Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for oil producing countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to December 2023. This is the latest and most detailed/complete World Oil production information available. Information from other sources such as OPEC, the STEO and country specific sites such as Brazil, Norway and China is used to provide a short term outlook.
 World oil production increased by 400 kb/d in December, green graph, to a post pandemic high. The largest increase came from Guyana, 175 kb/d. January World oil production is projected to drop by 1,744 kb/d to 81,178 kb/d. The large production drop is due to the STEO’s January estimated drop of 2,160 kb/d for all liquids. Of the 2,160, US accounts for 1,500 kb/d while Canada drops 130 kb/d and Brazil drops 280 kb/d.
This chart also projects World C + C production out to December 2025. It uses the April 2024 STEO report along with the International Energy Statistics to make the projection. (Red markers).
The red graph forecasts that World crude production in December 2025 will be 83,963 kb/d and is 612 kb/d lower than the November 2018 peak. The December forecast is 479 kb/d higher than reported in the previous world update.
From December January 2024 to December 2025, production is estimated to increase by 2,785 kb/d.
December 2025 production is within striking distance of the November 2018 peak. Keep in mind that today OPEC + has close to 3,000 kb/d of production cuts in reserve. Most of it could be used up by the expected production increase of 2,785 kb/d by December 2025.
continues |
