Thursday, September 9, 2010
So I'm sure you've all been waiting with bated breath, like me, wondering, "What did global oil supply do in August?" Did the post-great-recession-recovery resume, as July suggested? Or has it peaked again and is starting to go down?
Well, the wait is over, with the OPEC Monthly Oil Market Report hitting the streets today. Their graph is up above, and as you can see (black line), there is some revision from last month, with the big July bump revised down in significance. The picture that emerges now is that global oil production was recovering from about Feb/Mar 2009 to about February of 2010, and then has flattened out and stagnated.
Here is the OPEC data in the context of the other two data sources:
The IEA will hopefully report their August number tomorrow, so I'll update this graph then.