Global Oil Production has declined - Mar 16

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Global Oil Production has declined - Mar 16

Post by dan_s »

Global Oil Production Dropped To A 7-Month Low In January
By Tsvetana Paraskova at - Mar 16, 2023, 7:56 AM CDT

Global oil production fell by 365,000 bpd in January, hitting a seven-month low according to data from the Joint Organizations Data Initiative.
The drop in oil production was driven by lower output in Canada, Russia, Iraq, and Bahrain.
Global inventories of crude and oil products increased by 101.9 million barrels to an 11-month high but remain below the five-year average.

Crude oil production worldwide fell to a seven-month low in January, dragged down by lower output in major producers Canada, Iraq, Russia, and Bahrain, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.

Global oil production declined by 365,000 barrels per day (bpd) in January, which was the third consecutive month of falling output, showed the JODI data shared by the Riyadh-based International Energy Forum (IEF).

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MY TAKE: Key point is that global oil production started falling in November. Oil production normally peaks each year in November/December and then declines for a few months before rising again, assuming there is not a significant geopolitical event.
Dan Steffens
Energy Prospectus Group
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