During May and June the oil price has stabilised and both WTI and Brent spot prices have converged on $60 / bbl; the US oil rig count is still falling, but slowly; oil production from all regions is stable hence global total liquids production is trending sideways on the back of recent sharp rises. It appears that oil market equilibrium has been reached. Past experience tells us that this is unlikely to last long.
- The IEA have once again revised US production upwards by around 300,000 bpd, backdated to March and this clouds recent movements in the global and US data.
- World total liquids production down 150,000 bpd to 95.96 Mbpd. The recent trend remains sharply upwards.
- OPEC production up 50,000 bpd to 31.33 mbpd (C+C)
- N America production down 320,000 bpd to 19.48 Mbpd after upwards revisions of about 300,000 bpd in the USA
- Russia and FSU down 30,000 bpd to 14.04 mbpd
- Europe up 140,000 bpd to 3.32 Mbpd (compared with May 2014)
- Asia down 50,000 bpd to 7.95 Mbpd (after revisions).
- Saudi Arabia oil rig count was sharply lower, down 10 in May. The international oil rig count continues to decline while the US oil rig count has stabilised at around 628 units.
Figure 1 Daily Brent and WTI spot prices from the EIA, updated to 22 June 2015. The oil price has fallen asleep in June as both Brent and WTI have converged on $60, the spread has once again closed.
This is the July 2015 edition of Oil Production Vital Statistics. The June 2015 Vital Statistics is here. EIA oil price and Baker Hughes rig count charts are updated to end June 2015, the remaining oil production charts are updated to May 2015 using the IEA OMR data.
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