Latest Developments:

1) Plateau production - For the second consecutive month world production has increased significantly, confirming the end of the plateau that began in 2005. The IEA figures result in an average global production in 2007 up to December of 85.26 million b/d, more than the average 2006 production of 85.00 million b/d and the average 2005 production of 84.10 million b/d. The EIA in their International Petroleum Monthly puts the average global 2007 production up to October at 84.47 million b/d, slightly lower than the average 2006 production of 84.60 million b/d and the average 2005 production of 84.63 million b/d.

2) Total liquids - In December world production of total liquids increased by 450,000 barrels per day from October according to the latest figures of the International Energy Agency (IEA). Resulting in total world liquids production of 87.00 million b/d, which is the all time maximum liquids production.

3) Conventional crude - Latest available figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 714,000 b/d from September to October. Total production in October was estimated at 74.12 million b/d, which is 174,000 b/d lower than the all time high crude oil production of 74.30 million b/d reached in May 2005.

A selection of charts from this edition: