The August edition of Oilwatch Monthly can be downloaded at this weblink (PDF, 1.40 MB, 19 pp). New are historical charts portraying production back to 1930, shown next to the production developments from 2002 - present.

Latest developments:

1) Crude oil - Production of crude oil decreased by 503,000 b/d from April to May. Total production in May was estimated at 73.06 million b/d by the Energy Information Administration (EIA), which is 1.21 million b/d lower than all time high crude oil production of 74.27 million b/d reached in May 2005.

2) Total Liquids- Production of all Liquid fuels decreased by 550,000 barrels per day from May to June, according to the latest figures of the International Energy Agency (IEA). Resulting in total world liquids production of 84.28 million b/d, which is 564,000 b/d lower year on year from June 2006 to June 2007 and 1.85 million b/d lower than all time maximum liquids production of 86.13 million b/d reached in July 2006.

3) OPEC - Total crude oil production of the OPEC cartel decreased by 50,000 b/d to a level of 30.16 million b/d from May to June, according to the latest estimates of the IEA. Preliminary figures from the EIA show an increase of 370,000 b/d from June to July resulting in OPEC crude production of 30.37 million b/d.

4) Non-OPEC - Total liquids production of non-OPEC decreased by 460,000 b/d from May to June, according to the latest figures of the IEA. Production has dropped from 50.57 million b/d in February to 49.31 million b/d in June. The overall production decrease in June resulted mainly from declining production in Canada (130,000 b/d), the United Kingdom (140,000 b/d) and Norway (370,000 b/d). Mexican production increased with 30,000 b/d in June.