Section 11. International petroleum

Monthly Energy Review, Oct, 2005

Crude Oil Production. World crude oil production during July 2005 was 74 million barrels per day, up slightly from the level in the previous month.

Organization of the Petroleum Exporting Countries (OPEC) production during July 2005 averaged 31 million barrels per day, up 0.2 million barrels per day from the level in the previous month. During July 2005, production increased in both the United Arab Emirates and Iraq by 100 thousand barrels per day; Iran by 10 thousand barrels per day; and Indonesia by 4 thousand barrels per day. Production remained unchanged in Saudi Arabia, Nigeria, Venezuela, Kuwait, Algeria, Libya, and Qatar.

Among the non-OPEC nations, production during July 2005 increased in Norway by 317 thousand barrels per day; Canada by 29 thousand barrels per day; China by 8 thousand barrels per day; and Egypt by 2 thousand barrels per day. Production decreased in Mexico by 343 thousand barrels per day; the United States by 184 thousand barrels per day; Russia by 36 thousand barrels per day; and the United Kingdom by 15 thousand barrels per day.

Petroleum Consumption. In June 2005, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 50 million barrels per day, 2 percent (1) higher than the June 2004 rate. Comparing June rates in 2005 and 2004, consumption was higher in 2005 in Japan ( 7 percent); the United States ( 2 percent); South Korea ( 1 percent); and Canada and France (each less than 1 percent). The June 2005 consumption rate was lower in Italy (-8 percent); Germany (-4 percent); and the United Kingdom (-1 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of June 2005 totaled 4.1 billion barrels, 4 percent (1) higher than the ending stock level in June 2004. Stock levels were higher in June 2005 in the United States ( 7 percent); Germany ( 5 percent); and Canada, Japan, France, and the United Kingdom (each 1 percent). Stock levels were lower in South Korea (-7 percent) and Italy (-2 percent), compared with levels 1 year earlier.

(1) Percentage changes are based on unrounded data.