Section 11. International petroleum

Monthly Energy Review, July, 2005

Crude Oil Production. World crude oil production during April 2005 was 74 million barrels per day, up 0.1 million barrels per day from the level in the previous month.

Organization of the Petroleum Exporting Countries (OPEC) production during April 2005 averaged 31 million barrels per day, up 0.1 million barrels per day from the level in the previous month. During April 2005, production increased in Saudi Arabia by 100 thousand barrels per day; Nigeria by 60 thousand barrels per day; the United Arab Emirates by 50 thousand barrels per day; Iran by 10 thousand barrels per day; and Libya by 5 thousand barrels per day. Production decreased in Venezuela by 100 thousand barrels per day and Indonesia by 16 thousand barrels per day. Production remained unchanged in Kuwait, Iraq, Algeria, and Qatar.

Among the non-OPEC nations, production during April 2005 increased in Mexico by 157 thousand barrels per day. Production decreased in Canada by 70 thousand barrels per day; Russia by 37 thousand barrels per day; the United Kingdom by 27 thousand barrels per day; the United States and China, each by 10 thousand barrels per day; and Norway and Egypt, each by 3 thousand barrels per day.

Petroleum Consumption. In March 2005, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 51 million barrels per day, 1 percent (1) higher than the March 2004 rate. Comparing March rates in 2005 and 2004, consumption was higher in 2005 in South Korea ( 8 percent); Japan ( 3 percent); Canada and France (each 2 percent); and the United States ( 1 percent). The March 2005 consumption rate was lower in Germany (-10 percent); the United Kingdom (-9 percent); and Italy (-2 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of March 2005 totaled 4.0 billion barrels, 3 percent (1) higher than the ending stock level in March 2004. Stock levels were higher in March 2005 in France ( 6 percent); the United States ( 5 percent); Germany ( 4 percent); the United Kingdom ( 2 percent); and Canada ( 1 percent). Stock levels were lower in South Korea (-4 percent); Japan (-2 percent); and Italy (-1 percent), compared with levels 1 year earlier.

(1) Percentage changes are based on unrounded data.