Last week saw the release of OPEC's November Oil Market Report, which includes the details on OPEC's & global oil data for October, and hence it gives us a picture of the global oil supply & demand situation as Chinese demand grew faster than expected, after their first half recovery from the country's restrictive Covid policy had stalled over the summer, while oil supplies continued to be impacted by the the most recent unilateral million barrel per day production cut by the Saudis.
Tuesday of the past week saw the release of OPEC's July Oil Market Report, which includes details on OPEC & global oil data for June, and hence it gives us a picture of the global oil supply & demand situation at a time when Chinese demand was curtailed by restrictive Covid lockdowns, while the supply of Russian oil was curtailed by sanctions imposed by the West
Wednesday of this past week saw the release of OPEC's June Oil Market Report, which covers OPEC & global oil data for May, and hence it gives us a picture of the global oil supply & demand situation during the first month of the two month agreement between OPEC, the Russians, and other oil producers to cut production by 9.7 million barrels a day from an elevated October 2018 baseline.
Thursday of this past week saw the release of OPEC's April Oil Market Report, which gives us a picture of the global oil supply & demand situation in March, after the breakdown of OPECs agreement to cut oil production in the first quarter, when Saudi and its allies were engaged in an oil price war against the Russians and US shale, but before last week's agreement to cut production by 9.7 million barrels a day.
This week we're going to review OPEC's August Oil Market Report (covering July OPEC & global oil data). As you’ll see, it shows there was a large shortfall in the amount of oil produced in July, a story that doesn’t seem to be being told elsewhere, as even the analysts don’t read the entire report (100+ pages)
Since the media largely missed what the data from OPEC's February Oil Market Report (covering January OPEC & global oil data) actually showed, and since Saudi jawboning about oil supply and demand in advance of the Aramco IPO has been keyed to keeping oil prices higher, we'll take a quick look at that report, which is available as a free download.
We’re going to start by reviewing OPEC's December Oil Market Report (covering November OPEC & global oil data), which was released on Wednesday of last week, and which is now available as a free download. The first table from this report that we'll look at is from page 64 of that OPEC pdf, and it shows oil production in thousands of barrels per day for each of the current OPEC members over the recent years, quarters and months, as the column headings indicate.
Since the OPEC production cuts are the main factor underpinning oil prices, and hence the ongoing increases in US drilling, we'll start by taking a quick look at OPEC May Oil Market Report (covering April OPEC & global data), which was released on Thursday of last week.
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