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Falling production - Feb 29

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Saudi Arabia LPG Exports May Start Falling in 2010, Aramco Says
Shigeru Sato, Bloomberg
Saudi Aramco, the largest supplier of liquefied petroleum gas to Asia, said its exports may start declining from 2010 because local demand for the fuel is set to double in four years. . . . Saudi Arabia's domestic demand for LPG may rise to more than 20 million tons in 2012 from about 10 million this year, according to Aramco.
(28 February 2008)
Apparently the original article is not availabale online.

Contributor Jeffrey J. Brown writes:
I estimate that both Saudi Arabia and Mexico will show 2007 net export decline rates in the vicinity of -10%/year. When production starts declining, net export decline rates tend to accelerate with time.


Mexico's Pemex posts $1.48 bln 2007 net loss

Reuters
Pemex said refined fuel imports rose 14.6 percent, as its strained refineries failed to keep up with demand. Imports of gasoline alone jumped 50.3 percent.

High oil prices helped cushion Pemex's woes as the company struggled with declining yields at its huge but aging Cantarell offshore oil field. Mexico's crude oil mix sold at a heady average of $61.66 per barrel in 2007, up from $53.04 in 2006. . . .Pemex said crude production dropped 5.3 percent in 2007 to an average of 3.082 million barrels per day. Average crude (gross) exports dropped 5.9 percent to 1.686 million bpd.
(28 February 2008)
Contributor Jeffrey J. Brown writes:
Check out the eye-popping petroleum import numbers for Mexico. I estimate that Mexico will show a double digit decline in net exports in 2007, on track to approach zero net exports in the 2014 time frame.


Norway state oil group Petoro's Q4 output falls

Reuters
Norwegian state-owned petroleum company Petoro reported a 6.7 percent drop in oil production for the fourth quarter on Thursday though higher gas output kept total production steady.
(28 February 2008)


Cuban oil production down

Carmen Gentile, UPI
Oil production in Cuba has fallen steadily over the last half decade from a production high of nearly 65,000 barrels per day in 2003, according to energy experts on the subject.

Over the past five years, production in Cuba has dropped to about 51,300 bpd, said Jorge Pinon, a researcher at the Institute for Cuban and Cuban-American studies at the University of Miami.

While some are quick to assert that inefficiencies in the extraction process are to blame, Pinon notes Cuba's main oil field, Varadero, is in its fourth decade of production and showing signs of being near the end of its lifespan.
(27 February 2008)

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