Recent Oil Production and Projections

This is worth some comment. The sheer speed of the increase in North American production happens to be astonishing. That and the rapid expansion of Iraqi production ended firmly the forty year seller's cartel. It had already been hopelessly weakened a long time ago but now it is effectively irrelevant in terms of North America.

More importantly, We are able to become independent of any imported oil at all. That oil will be then released to the developing world who will certainly need access to it anyway.

North America is also about to swing into a huge trade surplus which will be sustained for years and will cause a major strengthening of the US dollar. All this without doing a thing internally that could only add to improvement.

Fears of five years ago in terms of the limits of oil production have been nicely dispelled with the advent of the accessing of tight formations and left behind oil in established reservoirs. We have a flood of new oil coming on stream.

World and US Oil Projections and recent statistics

SEPTEMBER 27, 2012

http://nextbigfuture.com/2012/09/world-and-us-oil-projections-and-recent.html

Alberta Oil Magazine has projections of oil production for the US and Canada out to 2016.

TheOilDrum has a typically overly pessimistic view of what will happen with world, US and Canadian oil production. The figures that they are using are already outdated for the US which has had an increase of 1 million barrels per day in crude oil since 2011.

US Crude oil production just reached 6.509 million barrels per day. There was a dip for several weeks because of production shutdowns because of weather in the gulf of mexico.

All US oil liquid production is at 10.8 million barrels per day. US Imports were down to 7.5 million barrels per day

In July, North Dakota oil production hit 674,000 barrels per day. It will be interesting to see what the September and October production is when the EIA reports US oil production is 200,000 barrels per day higher. Likely the increase is a mix of Texas and North Dakota and some recovery in Alaska.

Iraq Oil Production projections through 2017

Year Exports Total Production

2012 2.6 million bpd 3.2 million bpd

2013 2.9 million bpd

2014 3.5 million bpd

2015 3.75 million bpd

2016 4.5 million bpd (NBF interpolation)

2017 6.0 million bpd

The EIA indicates there was a new peak in world crude oil in April, 2012 at 75.87 million barrels per day