The OPEC Monthly Oil Market Report came out on Friday. This is one of three publicly available estimates of global liquid fuel production, and in this case it's the earliest to give figures for February. As you can see in the graph above, the recent trend of pronounced increases in global oil production seems to have continued, notwithstanding the turmoil in the Middle East.
I will update my other graphs in a few days when the IEA data also comes out.
I'm surprised about how big of a spread there is between the IEA and EIA estimates of production. Is that (at least in part) because of differing definitions of "oil"? That is, does one include natural gas liquids, and the other doesn't—or some other difference along those lines?
ReplyDeleteMason:
ReplyDeleteIn theory, both are "total liquids", so the difference is basically measurement error..