Oil Economic Geography

How come crude oil and oil production figures are different?

Right now, crude oil production is around 70 million barrels a day while oil production is 87.5 million barrels a day. Why the discrepancy?

Public Comments

1. because crude oil makes less money than crude oil because oil is more pure
2. There are many possibilities. 1/ Your data are coming from 2 different sources and one will show average yearly while the other is the real daily value at T time. 2/ Crude oil might refer to the oil at the refinery or the export point. The oil production is what is produced at the wellhead. Meanwhile, there are losses, the oil is degased etc... 3/ Most likely : one is taking in consideration the real crude oil while the other is taking in consideration all liquids hydrocarbons including condensate. Condensate are very light hydrocarbons (Pentane and hexane) that condensate when temperature is dropping. They are considered by OPEC as gas by-products and are not entering in crude oil quota. However, they are a mixed with the crude oil to make the oil lighter and more valuable.