The below charts, unless otherwise noted, were taken from the OPEC Monthly Oil Market Report. The data is through May, 2019 and is in thousand barrels per day.

OPEC crude only production was down 236,000 barrels per day in May but that was after April production had been revised upward by 82,000 bpd.

Iranian April production was revised upward by 43,000 bpd and Saudi Arabia April production was revised upward by 24,000 bpd.

Sanctions are really starting to hit Iran hard. And they are trying to counter-attack against tankers in the Persian Gulf. This can only get worse.

Iraq, totally ignoring quotas, reached a new all-time high in May of 4,724,000 barrels per day. There is no doubt that Iraq is producing every barrel they possibly can.

Kuwait, I believe, is also producing at the maximum possible level.

It seems Libya is winning the battle with the rebels. Their production is the highest since 2013.

Although Nigeria still has some rebel problems they seem to be at a low level as they are not exempt from quotas. Though they seem to be paying little attention to their quota.

I can’t figure Saudi Arabia out. They are producing 621,000 barrels per day below their quota.

Not much to report from the UAE. They seem to be holding steady.

Venezuela seems to have stopped its production slide, temporarily anyway.

Iraq is 212,000 barrels per day above their quota while Saudi Arabia is 621,000 bpd below their quota. I really don’t think anyone is paying any attention to their quota and just producing what they think they should, or perhaps what they can.

I am not so sure OPEC’s estimate of World total liquids is all that accurate. Not through May anyway.

The above data for Canada, through May, is a projection by the Canadian National Energy Board and may not be completely accurate. Nevertheless, this is about 55% of World oil production. The average for the first five months of 2019 production is 2,000,000 barrels per day below the 2018 12 month average. And this production level will likely level out and hold pretty close to May production level for the rest of the year. I just don’t think it possible that 2019 will have a higher production level than 2018.

This chart can be found at: World Oil Reserves by Rystad Energy. I have absolutely no faith that the above chart is anywhere close to being accurate. Nevertheless, I post it for your information.

The above chart if food for thought. Just how accurate are those paper additions?

I found the chart at What Are Proved Oil Reserves Really Trying to Prove?

Long a measure of power and wealth, they lose their meaning in a world of peak demand.

Peak demand is, in my opinion, a total farce. Demand is forever increasing and peak demand is forever in the future. Peak supply will hit long before peak demand.