Cuando los gigantes petroleros encogen – Jeff Krimmel
Cuando los gigantes petroleros encogen – Jeff Krimmel
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Venezuela is nearly 3 million bpd below its peak production. But it’s not the only country with a huge production falloff.
This topic came up in last night’s Oil & Gas Market Mastery session.
I showed a chart showing the top 15 global oil producers. Norway was number 13.
I asked the room what was most and least surprising about the chart.
One of the cohort members said he was surprised by how relatively low Norway was.
His comment made a ton of sense.
Norway has a strong association with the global oilfield. It was a pioneer in the North Sea. Equinor (formerly Statoil) is one of the industry’s household names.
And yet today Norway produces less oil than China, Mexico, and Kazakhstan.
I pulled the data. Norway peaked at 3.4 million bpd in 2001. Today: 1.8 million bpd.
That’s a 1.6 million bpd deficit, the fifth largest production decline globally.
Venezuela leads at nearly 3 million bpd.
The UK and Libya are both down over 2 million. Mexico is far off its 2004 peak. Even Saudi Arabia is 1.5 million bpd below where it was a decade ago.
This chart here is a reminder of the complexity of global oil production dynamics.
The US added 13 million barrels per day over the past 15 years. These 10 countries collectively lost 16 million from their peak levels.
We spent last night’s Oil & Gas Market Mastery session on global production dynamics.
That math (13 million gained, 16 million lost) explains a lot about global energy security and why US production growth has been so geopolitically significant.
It also raises a question: with global oil demand continuing to grow, will any of these countries ramp back up toward their past peak production?
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Venezuela is nearly 3 million bpd below its peak production. But it’s not the only country with a huge production falloff.
This topic came up in last night’s Oil & Gas Market Mastery session.
I showed a chart showing the top 15 global oil producers. Norway was number 13.
I asked the room what was most and least surprising about the chart.
One of the cohort members said he was surprised by how relatively low Norway was.
His comment made a ton of sense.
Norway has a strong association with the global oilfield. It was a pioneer in the North Sea. Equinor (formerly Statoil) is one of the industry’s household names.
And yet today Norway produces less oil than China, Mexico, and Kazakhstan.
I pulled the data. Norway peaked at 3.4 million bpd in 2001. Today: 1.8 million bpd.
That’s a 1.6 million bpd deficit, the fifth largest production decline globally.
Venezuela leads at nearly 3 million bpd.
The UK and Libya are both down over 2 million. Mexico is far off its 2004 peak. Even Saudi Arabia is 1.5 million bpd below where it was a decade ago.
This chart here is a reminder of the complexity of global oil production dynamics.
The US added 13 million barrels per day over the past 15 years. These 10 countries collectively lost 16 million from their peak levels.
We spent last night’s Oil & Gas Market Mastery session on global production dynamics.
That math (13 million gained, 16 million lost) explains a lot about global energy security and why US production growth has been so geopolitically significant.
It also raises a question: with global oil demand continuing to grow, will any of these countries ramp back up toward their past peak production?