Section 11. International petroleum

Monthly Energy Review, May, 2006

Crude Oil Production. World crude oil production during February 2006 was 74 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 February 2006 averaged 31 million barrels per day, up 0.1 million barrels per day from the level in the previous month. During February 2006, production increased in Iraq by 200 thousand barrels per day; Saudi Arabia by 100 thousand barrels per day; and Indonesia by 5 thousand barrels per day. Production decreased from the previous month in Nigeria by 150 thousand barrels per day; and both Iran and Kuwait by 50 thousand barrels per day. Production remained unchanged in the United Arab Emirates, Venezuela, Algeria, Libya, and Qatar.

Among the non-OPEC nations, production during February 2006 increased compared with the previous month in Russia by 20 thousand barrels per day; Egypt by 4 thousand barrels per day; and the United States by 1 thousand barrels per day. Production during February 2006 decreased compared with the previous month in Canada by 101 thousand barrels per day; the United Kingdom by 68 thousand barrels per day; Mexico by 61 thousand barrels per day; Norway by 37 thousand barrels per day; and China by 8 thousand barrels per day.

Petroleum Consumption. In January 2006, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 50 million barrels per day, slightly higher than the January 2005 rate. Comparing January rates in 2006 and 2005, consumption was higher in 2006 in the United Kingdom ( 7 percent); France ( 5 percent); Japan ( 4 percent); Italy ( 3 percent); and Germany ( 1 percent). The January 2006 consumption rate was lower in Canada (-9 percent); South Korea (-3 percent); and the United States (-2 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of January 2006 totaled 4.1 billion barrels, 2 percent higher than the ending stock level in January 2005. Stock levels were higher in January 2006 in Canada ( 6 percent); France ( 5 percent); and the United States and Germany (each 4 percent). Stock levels were lower in Italy (-8 percent); South Korea and Japan (each -6 percent); and the United Kingdom (-1 percent), compared with levels 1 year earlier.

(1) Percentage changes are based on unrounded data.