Section 11. International petroleum

Monthly Energy Review, March, 2006

Crude Oil Production. World crude oil production during December 2005 was 74 million barrels per day, up 0.7 million barrels per day from the level in the previous month. World crude oil production during 2005 averaged 74 million barrels per day, up 1.1 million barrels per day, compared with production in 2004.

Organization of the Petroleum Exporting Countries (OPEC) production during December 2005 averaged 31 million barrels per day, down 0.1 million barrels per day from the level in the previous month. OPEC production during 2005 averaged 31 million barrels per day, a 3-percent (1) increase, compared with production in the previous year. During December 2005, production decreased from the previous month in both Iran and Iraq by 50 thousand barrels per day. Production remained unchanged in Saudi Arabia, Nigeria, the United Arab Emirates, Kuwait, Venezuela, Algeria, Libya, Indonesia, and Qatar.

Among the non-OPEC nations, production during December 2005 increased compared with the previous month in Russia by 290 thousand barrels per day; the United States by 239 thousand barrels per day; the United Kingdom by 102 thousand barrels per day; Canada by 97 thousand barrels per day; Mexico by 77 thousand barrels per day; and Norway by 38 thousand barrels per day. Production during December 2005 decreased compared with the previous month in China by 101 thousand barrels per day and in Egypt by 20 thousand barrels per day.

Petroleum Consumption. In November 2005, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 50 million barrels per day, less than 1 percent (1) higher than the November 2004 rate. Comparing November rates in 2005 and 2004, consumption was higher in 2005 in Japan ( 3 percent); and South Korea, France, and Italy (each 1 percent). The November 2005 consumption rate was lower in Germany (-3 percent); the United States and Canada (each -1 percent); and the United Kingdom (less than -1 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of November 2005 totaled 4.1 billion barrels, 2 percent higher than the ending stock level in November 2004. Stock levels were higher in November 2005 in the United States ( 4 percent); France and Germany (each 3 percent); and Canada ( 2 percent). Stock levels were lower in South Korea (-12 percent); Japan (-3 percent); Italy (-2 percent); and the United Kingdom (-1 percent), compared with levels 1 year earlier.

International Petroleum

Tables 11.1a and 11.1b Sources

United States: See Table 3.1a.

All Other Countries: Monthly Data

2003 forward: Energy Information Administration (EIA), International Petroleum Monthly, and Office of Energy Markets and End Use (EMEU), International Energy Database, February 2006.

All Other Countries: Annual Data

1973-1979: EIA, International Energy. Annual 1981, Table 8.

1980-2003: EIA, EMEU, International Energy Database, June 2005.

2004 and 2005: Average of monthly data.

World: Monthly Data

2003 forward: EIA, International Petroleum Monthly, sum of all countries' monthly data.

World: Annual Data

1973-1979: EIA, International Energy Annual 1981, Table 8.

1980-2003: EIA, EMEU, International Energy Database, June 2005.

2004 and 2005: Average of monthly data.

(1) Percentage changes are based on unrounded data.