Wednesday, January 19, 2011

Oil Production Update: 2009

Since my time at Saudi Aramco (2005-2007) it has been a hobby to keep up with oil production numbers. Specifically, I track Oklahoma, Texas, United States, and world production of oil, condensate, and natural gas liquids.

Before getting to the production plots, I'll show an interesting cross plot of world population (GGDC data) and daily oil production (BP data), including a best fit quadratic curve.  There are bumps and valleys in this data, but the fitted curve captures the concave upward nature of the data.  That means population is growing faster than oil production.  Fascinating.

You will notice that all plots relate to oil production, not reserves.  Reserves are subject to significant, unknown uncertainty.  Production is real data, tangible and measurable.

Below are my latest oil production plots updated through the end of 2009 (2008 for Oklahoma).   USA is not shown, I'm still working on that.

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