This assessment is based on the data in the 2017 BP Statistical Review of World Energy available here. As such it uses that review’s definition of oil which is crude and condensate and natural gas liquids, uncompensated for their different energy contents or values of refined product components. Figure 1: World Oil Production 1990 – 2017 This analysis was prompted by a chart by Ovi showing that Non-OPEC production less Russia, Canada, and the United States has been in decline since 2004. That decline rate is 0.25 million barrels/day/annum. It had previously risen strongly since 1990. Figure 2: Production Rate Change 2007 – 2016 The United States LTO patch is widely credited with having caused the oil price collapse of 2014. American production had risen by six million barrels per […]