According to BP, OECD oil production (C+C+NGL) peaked at 21.67 million bpd in 1997. Monthly production data from the International Energy Agency (IEA) now suggests that production has been stable for 5 years at around 18.5 million bpd (Figure 1).
The North Sea (UK and Norway) is still in steep decline. This has been offset by growing production in the USA and Canada where non-conventional tight oil and tar sands production are offsetting declines in conventional crude in these countries.
Mexico, the other big OECD producer, has managed to arrest declines by switching nitrogen injection supply from ...
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