The data for the charts below were taken from the EIA’s Monthly Energy Review . It is crude plus condensate through March 2019 and is in thousand barrels per day. World C+C was down 281,000 barrels per day in March. Non-OPEC was up 218,000 barrels per day in March. World less the USA peaked in November 2016 while the 12-month trailing average peaked in August 2017. Non-OPEC less the USA is highly erratic. Nevertheless, the 12-month average trend is down. The big surprise in March was China, up 115,000 barrels per day. This is the EIA’s estimate of Canada through March with Canada’s National Energy Board’s estimate through December 2019. Notice the increasing gap between Canada’s estimate and the EIA’s. The separation a few years ago averaged about 130,000 bpd. Now the separation is over half a million barrels per day. Canada reports its production in cubic meters. The […]