OPEC Update and EIA Short Term Energy Outlook The OPEC Monthly Oil Market Report is just out with OPEC crude only production numbers for January 2014. OPEC Crude production was up 28,000 bp/d in January but that was after December production had been revised upward by 240,000 bp/d. November production was revised down by 51,000 bp/d. Of course Saudi is always the one to watch because it is generally believed that they have spare capacity. I think they had spare capacity back in 2011 but are now producing flat out, just like every other OPEC producer. Saudi crude production was down 115,000 bp/d in January but that was after December production had been revised upward by 119,000 bp/d and November revised up 52,000 bp/d. I think that surge upward early in 2013 is a telling indication. That was Manifa coming on line. Libya had the biggest gain in January, […]