Oil: World Production Records & Top 7 Nations

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World Production Records

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World Production Records ~ annual, quarterly & monthly Oil Production Records

Quarterly Oil Production for the Top 7 Nations (link)

see also: monthly update of the tier-1 Peak Oil Depletion Scenarios

see also: monthly update of my Peak Scenario-2500 Depletion Model

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No new Monthly Consumption Records 'til Oil below $104/barrel

May 25 2012 delayed FreeVenue public release of Feb 25th MemberVenue guidance ~ The pace of flow rates indicates a new global Annual Production record of 87.3 Mbd was set in 2011. A new global Quarterly Production record of 89.1 Mbd was set in 2011Q4. December 2011 gains distinction for the all time global Monthly Production record: 89.8 Mbd. Production is on track to break the 90 barrier in Feb/2013 and 95 in 2015.

A new Quarterly record for Demand of 88.67 Mbd was set in 2011Q4. December 2010 remains the high mark for Monthly Demand: 89.5 Mbd ... an incredible leap from the Great Recession low for Consumption of 82.9-mbd in May 2009. Because the USA contract crude price currently surpasses the Barrel Meter's PEAK DEMAND Barrier ($104/barrel), it is improbable monthly consumption levels will see new highs 'til the oil price retreats below this critical petroleum/GDP threshold...

Trendlines Research's global All Liquids Underlying Decline Rates Observed: 2011 - 3.2% (2.77mbd); 1970-2009 Avg - 2.7%

Note: Because IEA data is overstated by an avg 1.1-mbd due to failure to deduct energy inputs for processing non-conventionals, IEA's A/Q/M stats disqualified for Record purposes.

Canada overtakes Iran

May 24 2012 delayed FreeVenue public release of Feb 24th MemberVenue guidance ~ Despite OPEC quota restrictions, Saudi Arabia remains atop Russia as World's top All Liquids producer. In the process, the Kingdom broke its own annual record (10.9 Mbd) and again set a new global quarterly record (11.3 Mbd) and a global monthly record (11.4 Mbd) as it boosted flows in its previously reluctant role as swing producer to replace lost Libya extraction. That said, it is improbable Russia's 1987 annual/quarterly/monthly records (11.5 Mbd) will ever be surpassed.

Benefitting from shale oil (light tight) is the USA in 3rd place with flow of 9.2 Mbd. Following are: China (4.1), Canada (3.5), Iran (3.5) & Mexico (2.9 Mbd).

Trendlines Research's All Liquids Underlying Decline Rates Observed in 2011: Worldwide 3.2% (2.8-mbd), Saudi Arabia 3.1% (0.34-mbd) & USA 2.5% (0.22-mbd)

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