Wednesday, October 12, 2011
The two agencies that report earliest, OPEC and the IEA, are out with their estimates of total liquid fuel production in September. The IEA says it went down a little and OPEC says it went up a bit more than the IEA says down. So the average is up, but I'm not sure you should rely too heavily on that fact just yet. We'll see what subsequent months bring with both revisions to this data point and further data points. In any case, the data since 2008 are above, and since 2002, along with WTI spot prices, are here:
The price/production curve continues more or less in the same band:
I'm wondering about switching these graphs to be based on Brent rather than WTI prices, given the huge spreads between the two these days, and thinking that Brent is a better indicator of global prices - thoughts?