The latest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for February. All data in the OPEC charts below is in thousand barrels per day and the last data point is February 2015 . Total OPEC crude only production was down 137,600 barrels per day in February. Algeria seems to have stabilized their decline. Angola is holding steady. Ecuador has been slowly increasing production at a rate of about 25,000 barrels per day per year. I don’t think they can hold that for another year however. Iran production has been remarkably flat for about two and one half years. It is a question as to how much their production could increase if sanctions were removed. It is remarkable that Iraq has been able to keep production as high as it is with all the ISIS problems they are having. Kuwait was producing flat out in […]