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And while it is true that most of this decline is due to the price crash it remains to be seen just how much production will recover when the price returns to… However when the May production numbers come in, I think it will then become obvious to everyone.
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Iran is the main reason the the price induced decline has not become obvious. However the decline did not actually begin until January 2016.
In conclusion: In spite of the recent increase in Russian production as well as the slight increase from the North Sea, in spite of the dramatic production increase from Iran due to the lifting of sanctions, world crude oil production is in decline. The dramatic rise in production from Iran has kept the decline from becoming obvious to everyone.
So with world production continuing to decline, there is little doubt that 2016 production will be well below 2015 production.
They have Non-OPEC peaking in March 2015 at 46,504,000 bpd and down by 925,000 bpd in February to 45,579,000 bpd. OPEC C C failed to breach its 2012 peak but did reach 34,562,000 bpd in July 2015 but by February 2016 it was down 488,000 bpd to 34,074,000 bpd. It looks exactly like Canada’s National Energy Board data except the EIA’s data is about 150,000 bpd less than Canada’s NEB shows.
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World C C production, they say, averaged 80,035,000 in 2015.
Average for the first two months of 2016 was 79,933.000 or 102,000 bpd below the average for 2015.
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*China April crude oil output lowest since July 2013 Data from the National Bureau of Statistics released on Saturday showed China produced 16.59 million tonnes of crude oil last month, or about 4.04 million barrels per day (bpd), the lowest rate since July 2013 on a daily basis. Norway, which produced around 3 million barrels per day from 1996 to 2004, has now dropped to almost half that amount. No one, inside or outside Russia, expected them to increase production by over 200,000 bpd over the last few months.Tags: Adult Dating, affair dating, sex dating