March 2008 Oilwatch Monthly Released - Global Crude Production Still Lags May 2005 Totals

[hatrack]

Latest Developments:

1) Total liquids - In February world production of total liquids increased by 175,000 barrels per day from January according to the latest figures of the International Energy Agency (IEA). Resulting in total world liquids production of 87.5 million b/d, which is the all time maximum liquids production. Average global production in 2007 was 85.41 million b/d according to the IEA. In the first two months of 2008 an average of 87.41 million b/d was produced. The EIA in their International Petroleum Monthly puts the average global 2007 production at 84.63 million b/d, slightly higher than the average 2006 production of 84.60 million b/d.

2) Conventional crude - Latest available figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 450,000 b/d from November to December. Total production in December was estimated at 74.2 million b/d, which is 96,000 b/d lower than the all time high crude oil production of 74.3 million b/d reached in May 2005 (difference due to rounding errors).









EDIT

Much more at:

http://europe.theoildrum.com/node/3749#more

[Dogmudgeon]

1. Looks like a plateau to me

A "bumpy plateau", no less.

That was also about the time the price of oil started its crawl toward imitating the vertical axis of the chart.

--p!
The Bicicle is the new Automobile.