All OPEC data below is from the January OPEC Monthly Oil Market Report. All OPEC data is through December 2018 and is thousand barrels per day.

Qatar has left OPEC and is not included in this months report. All Qatar historical data has been removed from all OPEC charts.

OPEC 14 production was down by 751,000 barrels per day in December. That was after November production had been revised downward by 23,000 barrels per day.

Here you can see who had the big declines in December.

Iran is now at about the average they held during the previous sanctions period.

Iraq reached a new all-time high in December of 4,714,000 bpd. That was up 88,000 bpd from November.

Kuwait also increased production in December, up 29,000 bpt to 2,800,000 bpd.

Libya is still having serious political problems.

Nigeria is also having political problems but it is hard to tell how much of their decline is due to politics or natural decline.

Saudi Arabia was down 468,000 bpd but that was after they spicked up by 384,000 bpd in November. They are now back close to their average for the last seven months.

The UAE dropped by 65,000 bpd in December.

Slowly, slowly Venezuela sinks into the abyss.

OPEC 14 peaked in 2016 at an average of 32,157,000 barrels per day and in 2018 was down by 300,000 bpd from that average.

World oil supply, including NGLs, declined by 350,000 barrels per day in December.

Russian C+C increased by 78,000 barrels per day in December to 11,407,000 bpd.

Even before the December decline, OPEC+Russia was in decline. It’s all up to US and Canada to keep up any increase. The EIA includes Brazil in the mix but others have doubts about the ability of Brazil to have any kind of dramatic increase.

This data is from the EIA and is only through September 2018.

Again, EIA data through September 2018.

I think it is quite obvious that Non-OPEC less USA has peaked.

Likewise…

Iran, Libya and Venezuela are exempt from quotas.