Section 11. International petroleum

Monthly Energy Review, Jan, 2006

Crude Oil Production. World crude oil production during October 2005 was 73 million barrels per day, down 0.1 million barrels per day from the level in the previous month.

Organization of the Petroleum Exporting Countries (OPEC) production during October 2005 averaged 31 million barrels per day, down 0.3 million barrels per day from the level in the previous month. During October 2005, production increased in Nigeria by 60 thousand barrels per day and Iran by 10 thousand barrels per day. Production decreased in Iraq by 250 thousand barrels per day; Saudi Arabia by 100 thousand barrels per day; and Indonesia by 4 thousand barrels per day. Production remained unchanged in the United Arab Emirates, Kuwait, Venezuela, Algeria, Libya, and Qatar.

Among the non-OPEC nations, production during October 2005 increased in Canada by 197 thousand barrels per day; the United Kingdom by 123 thousand barrels per day; Russia by 60 thousand barrels per day; the United States by 34 thousand barrels per day; and China by 26 thousand barrels per day. Production decreased in Mexico by 146 thousand barrels per day; Norway by 86 thousand barrels per day; and Egypt by 1 thousand barrels per day.

Petroleum Consumption. In September 2005, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 49 million barrels per day, 1 percent lower than the September 2004 rate. Comparing September rates in 2005 and 2004, consumption was higher in 2005 in the United Kingdom ( 4 percent) and Japan ( 3 percent). The September 2005 consumption rate was lower in Canada (-7 percent); Italy (-6 percent); France and the United States (each -2 percent); and South Korea and Germany (each less than -1 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of September 2005 totaled 4.1 billion barrels, 3 percent higher than the ending stock level in September 2004. Stock levels were higher in September 2005 compared with a year earlier in the United Kingdom ( 7 percent); Germany and the United States (each 4 percent); France ( 2 percent); and Japan ( 1 percent). Stock levels were lower in South Korea and Canada (each -4 percent) and Italy (-1 percent), compared with levels 1 year earlier.

(1) Percentage changes are based on unrounded data.