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Genscape Expands Global Oil Production Coverage to 51 mmbpd Across 19 Countries

1156 Days ago

Louisville, KY, April 30, 2019 (GLOBE NEWSWIRE) -- As Iranian sanctions continue to tighten, and another OPEC meeting nears, global participants face an uncertain oil market. This month, Genscape, the leading global provider of real-time data and intelligence for commodity and energy markets, recently expanded its high-frequency oil production monitor coverage, allowing for the only true verification in a cloud of uncertainty. The monitor, the first-ever product capable of tracking daily petroleum liquids production across the globe, recently added 19mmbpd (million barrels per day), expanding coverage to account for 51 million barrels per day (mmbpd) of global oil production. The expansion adds significant global producers such as Saudi Arabia, Kuwait, United Arab Emirates, Qatar, and Oman, to a monitoring portfolio that already included Iran, Iraq, Libya, Venezuela, the US, the Neutral Zone, Mexico, Norway, the UK, Denmark, Kazakhstan, Indonesia, Ecuador, and Peru.

The global balance of oil supply and demand is impacted by countries like the US, who offers relatively transparent production information, as well as far more opaque countries, like Saudi Arabia and Iran. Until now, insight into their actual production numbers relied on surveying or export-based production estimation methodologies. By combining satellite gas flaring observations with extensive fundamental research and proprietary algorithms, Genscape’s technology is the first product to provide highly accurate daily production estimates. This type of information is critical to understanding whether or not countries are complying with OPEC/OPEC+ production targets. Given OPEC’s global significance and the large amount of non-OPEC production covered, this tool provides unique insight into world oil markets.

“Just six months in, our data has already proved invaluable for many clients,” said Devin Geoghegan, Global Director of Petroleum Intelligence. “Our latest expansion brings us even closer to fully understanding the entire global oil production picture at a pivotal point in history.”

Understanding actual production levels plays a key role in the market response. Genscape’s data publishes daily and monitors activity in near real-time, allowing experts to know when and where oil production rises or falls on any given day. The Monitor complements the Global Oil Supply Report, which provides production history and monthly forecasts for over 100   countries. This report breaks production down by liquid type, uses individual field and country-level data, and integrates other private and public sources to generate highly accurate forecasts.

Both products bolster the Genscape legacy and expand oil insights beyond North America and Europe, offering big picture coverage in a historically significant period.

About Genscape

Founded in 1999, Genscape is the leading global provider of real-time data and intelligence for commodity and energy markets.

Today, Genscape operates the world’s largest private network of in-the-field monitors, and added satellite reconnaissance, artificial intelligence, and maritime freight tracking to its data acquisition capabilities. Genscape delivers its unique brand of unsurpassed market intelligence across the commodity and energy spectrum including power, oil, natural gas, NGL, agriculture, biofuels, and maritime freight

Tara Goode

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