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Saturday, October 20, 2018

MARKET INFORMATION

World oil production increased in August 2001 - PIW

According to Petroleum Intelligence Weekly of 10 September 2001, world oil production increased by 0.53 mbd in August due to the completion of Iraq’s return from its export shut-off and due to the fact that the seasonal dip in non-OPEC oil production was muted by new field start-ups (only down by 0.03 mbd). However, August 2001 was down 0.48 mbd on the August 2000 production level. Compared with August last year, OPEC is producing 1 mbd less but more than half of this has been replaced by non-OPEC production growth.

From July to August, OPEC oil production increased by 0.55 mbd to 27.82 mbd (excl. NGL). Oil production by the OPEC 10 was down by 0.07 mbd to 25.05 mbd (excl. NGL).

With regard to non-OPEC production, increases in production from the UK, Denmark and the Netherlands offset nearly half of the 0.27 mbd maintenance-related decline in Norwegian oil production.