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86 comments on Oilwatch Monthly - June 2008
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86 comments on Oilwatch Monthly - June 2008
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That's my question too. Just examining the charts by eye, you see about a 2 mpd increase in total liquids in 2007, and about a 1 mpd increase in crude oil production. Yet, the only producer in that period that raised it's crude oil production was the KSA which raised it about 0.6 or 0.7 mpd. We've still got 1.4 or 1.3 mpd of liquids to account for. My understanding is that a lot of the extra liquids is some froth that comes up with the gas caps on older reservoirs and condensate from those as well as natural gas wells. Well it must be, otherwise it would show up in the crude oil production curves, but we're still missing some of that too since the crude oil production is higher than just KSA's contribution.
Just a guess: Angola might be taking up some of the slack and providing some substantial portion of those "missing" barrels. Iraq as well seems to be calming down and outputting more oil these days.