Bottom line is that they're not doing anything drastic. Thanks for the data and link. I didn't mean to suggest it was a drastic change. I had watched the trickle down from last summer.
Deep water and fracking have finally raised production levels to the point that prices have to come down for the market to clear.
I believe the recent significant change was Libya coming mostly back on line. Prior Libya shutdowns had been made up mostly by US Shale increasing production. As they recently started production ramping up, the slack was already gone.
I don't think the Offshore has really made much difference lately.
I believe the recent significant change was Libya coming mostly back on line. Prior Libya shutdowns had been made up mostly by US Shale increasing production. As they recently started production ramping up, the slack was already gone.OPEC numbers (which include Libya):
| Data for this Date Range |
|
| July 31, 2014 |
32.16M |
| June 30, 2014 |
31.86M |
| May 31, 2014 |
31.82M |
| April 30, 2014 |
31.94M |
| March 31, 2014 |
31.82M |
| Feb. 28, 2014 |
32.44M |
| Jan. 31, 2014 |
32.31M |
| Dec. 31, 2013 |
31.70M |
| Nov. 30, 2013 |
31.50M |
| Oct. 31, 2013 |
31.99M |
| Sept. 30, 2013 |
31.95M |
| Aug. 31, 2013 |
32.67M |
| July 31, 2013 |
32.77M |
| June 30, 2013 |
32.62M |
| May 31, 2013 |
32.82M |
| April 30, 2013 |
32.75M |
| March 31, 2013 |
32.31M |
| Feb. 28, 2013 |
32.14M |
| Jan. 31, 2013 |
32.20M |
| Dec. 31, 2012 |
32.38M |
| Nov. 30, 2012 |
32.66M |
| Oct. 31, 2012 |
32.72M |
| Sept. 30, 2012 |
33.22M |
| Aug. 31, 2012 |
33.55M |
| July 31, 2012 |
33.29M |
| |
|
| June 30, 2012 |
33.39M |
| May 31, 2012 |
33.29M |
| April 30, 2012 |
33.75M |
| March 31, 2012 |
33.49M |
| Feb. 29, 2012 |
33.48M |
| Jan. 31, 2012 |
33.12M |
| Dec. 31, 2011 |
32.80M |
| Nov. 30, 2011 |
32.50M |
| Oct. 31, 2011 |
31.68M |
| Sept. 30, 2011 |
32.05M |
| Aug. 31, 2011 |
32.00M |
| July 31, 2011 |
31.86M |
| June 30, 2011 |
31.61M |
| May 31, 2011 |
30.97M |
| April 30, 2011 |
30.94M |
| March 31, 2011 |
30.81M |
| Feb. 28, 2011 |
31.98M |
| Jan. 31, 2011 |
32.39M |
| Dec. 31, 2010 |
31.81M |
| Nov. 30, 2010 |
31.71M |
| Oct. 31, 2010 |
31.45M |
| Sept. 30, 2010 |
31.88M |
| Aug. 31, 2010 |
31.85M |
| July 31, 2010 |
31.80M |
| June 30, 2010 |
31.78M |
OPEC's October numbers:
Supply from the Organization of the Petroleum Exporting Countries has averaged 30.72 million bpd in October, down from a revised 30.84 million bpd in September, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
In other words, the glut isn't coming from an increase in OPEC production.