Section 11. International petroleum

Monthly Energy Review, April, 2005

Crude Oil Production. World crude oil production during January 2005 was 73 million barrels per day, up slightly from the level in the previous month.

Organization of Petroleum Exporting Countries (OPEC) production during January 2005 averaged 31 million barrels per day, up slightly from the level in the previous month. During January 2005, production increased in both Kuwait and Nigeria by 50 thousand barrels per day and Algeria by 25 thousand barrels per day. Production decreased in the United Arab Emirates by 100 thousand barrels per day and Indonesia by 15 thousand barrels per day. Production remained unchanged in Saudi Arabia, Iran, Venezuela, Iraq, Libya, and Qatar.

Among the non-OPEC nations, production during January 2005 increased in Mexico by 129 thousand barrels per day; Canada by 75 thousand barrels per day; and Egypt by 19 thousand barrels per day. Production decreased in the United Kingdom by 98 thousand barrels per day; the United States by 54 thousand barrels per day; Russia by 46 thousand barrels per day; Norway by 17 thousand barrels per day; and China by 5 thousand barrels per day.

Petroleum Consumption. In December 2004, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 51.9 million barrels per day, 1 percent (1) higher than the December 2003 rate. Comparing December rates in 2004 and 2003, consumption was higher in 2004 in Germany ( 7 percent); Canada ( 6 percent); the United Kingdom ( 5 percent); and the United States ( 2 percent). The December 2004 consumption rate was lower in Japan (-5 percent); France (-3 percent); South Korea (-2 percent); and Italy (-1 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of December 2004 totaled 4.0 billion barrels, 2 percent (1) higher than the ending stock level in December 2003. Stock levels were higher in December 2004 in Canada ( 7 percent); the United States ( 5 percent); and France and Italy (each less than 1 percent). Stock levels were lower in South Korea and the United Kingdom (each -3 percent); Germany (-2 percent); and Japan (less than -1 percent), compared with levels 1 year earlier.