Section 11. International petroleum

Monthly Energy Review, August, 2006

Crude Oil Production. World crude oil production during May 2006 was 73 million barrels per day, down 0.2 million barrels per day from the level in the previous month.

Organization of the Petroleum Exporting Countries (OPEC) production during May 2006 averaged 30 million barrels per day, down 0.2 million barrels per day from the level in the previous month. During May 2006, production increased in Libya by 10 thousand barrels per day; and Indonesia by 3 thousand barrels per day compared with the previous month. Production decreased from the previous month in Saudi Arabia by 150 thousand barrels per day; Iran by 50 thousand barrels per day; and Algeria by 40 thousand barrels per day. Production remained unchanged in the United Arab Emirates, Venezuela, Kuwait, Nigeria, Iraq, and Qatar.

Among the non-OPEC nations, production during May 2006 increased compared with the previous month in Norway by 128 thousand barrels per day; the United States by 33 thousand barrels per day; China by 32 thousand barrels per day; and Russia by 20 thousand barrels per day. Production during May 2006 decreased compared with the previous month in Canada by 118 thousand barrels per day; the United Kingdom by 46 thousand barrels per day; Mexico by 41 thousand barrels per day; and Egypt by 8 thousand barrels per day.

Petroleum Consumption. In April 2006, consumption in all Organization for Economic Cooperation and Development (OECD) countries was 47 million barrels per day, 2 percent lower than the April 2005 rate. Comparing April rates in 2006 and 2005, consumption was higher in 2006 in the United Kingdom ( 2 percent); and the United States (less than 1 percent). The April 2006 consumption rate was lower in Italy (-9 percent); South Korea (-8 percent); Canada and Germany (each -4 percent); and France and Japan (each -1 percent), compared with the rate 1 year earlier.

Petroleum Stocks. For all OECD countries, petroleum stocks at the end of April 2006 totaled 4.1 billion barrels, 2 percent higher than the ending stock level in April 2005. Stock levels were higher in April 2006 in Canada ( 6 percent); South Korea ( 4 percent); France ( 3 percent); Japan ( 2 percent); and the United States, Italy, and Germany (each 1 percent). Stock levels were lower in the United Kingdom (-4 percent) compared with levels 1 year earlier.

[FIGURE 11.1a OMITTED]

Tables 11.1a and 11.1b Sources

United States: See Table 3.1a.

All Other Countries: Monthly Data

2004 forward: Energy Information Administration (EIA), International Petroleum Monthly, and Office of Energy Markets and End Use (EMEU), International Energy Database, July 2006.

All Other Countries: Annual Data

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

1980-2004: EIA, EMEU, International Energy Database, July 2006.

2005: Average of monthly data.

World: Monthly Data

2004 forward: EIA, International Petroleum Monthly, sum of all countries' monthly data.

World: Annual Data

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

1980-2004: EIA, EMEU, International Energy Database, July 2006

2005: Average of monthly data.