The EIA recently updated its International Petroleum statistics. World Crude plus Condensate (C+C) output was 80,577 kb/d in Feb 2017 an increase of 72 kb/d from the previous month, this was 1695 kb/d below the monthly peak output of 82,273 kb/d in November 2016. The most recent 12 month average (centered on August/September 2016) was 80,501 kb/d, 3 kb/d less than the previous most recent 12 month’s output. The 12 month centered average peak output was 80,574 kb/d in June/July 2016 as previously predicted by Ron Patterson and currently the 12 month average output is 73 kb/d below the peak. Conventional crude plus condensate is defined in several different ways. The United States Geological Survey (USGS) uses the categories “conventional” and “continuous” oil resources, where continuous resources includes light tight oil (LTO), Canadian oil sands, and Venezuela’s Orinoco belt. Conventional C+C output has been relatively steady from 2005 to […]