Crude Production by Country
Due in part to increasing tensions with Iran, crude oil prices have been rising. For some perspective on the globe's crude oil supply, today's chart focuses on the big five oil producers. Of the big five, Russia and Saudi Arabia have significantly increased production as of late. However, it is worth noting the continuing decrease in US oil production as well as ongoing geopolitical tensions (i.e. Iran, Iraq, Nigeria, etc.), does leave open the possibility of supply disruptions in an already tight oil market. Stay tuned...
Source: Chart of the Day
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What is primarily responsible for the drop in US oil production? I've seen a chart of all the oil platforms in the Gulf of Mexico, and it's unbelievable... I'm wondering if it's regulation or just a lack of resources.
I tend to believe it's regulation. I have a few friends in the western part of Kansas who had oil derricks that are unprofitable to run at anything < $50/b. This makes me wonder if it was more an effect of price, and if the issue might begine to resolve itself.
Posted by: Chad K | Jan 25, 2006 11:09:50 AM
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