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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
In November last year, when OPEC members agreed to cut production for the first time since the Great Recession, it was welcomed with great optimism and oil price jumped more than 20 percent, from $45 per barrel to as high as $55 per barrel (WTI). However, that optimism seems to be fading amid higher production from the United States and reports of impatience with the OPEC with lower oil price. In this article, we review the compliance among OPEC members.
|
|
Target as per OPEC deal |
February production |
March production |
|
Algeria |
1.039 |
1.053 |
1.056 |
|
Angola |
1.673 |
1.641 |
1.614 |
|
Ecuador |
0.522 |
0.526 |
0.526 |
|
Gabon |
0.193 |
0.194 |
0.198 |
|
Iran |
3.797 |
3.814 |
3.79 |
|
Iraq |
4.351 |
4.414 |
4.402 |
|
Kuwait |
2.707 |
2.709 |
2.702 |
|
Qatar |
0.618 |
0.622 |
0.612 |
|
Saudi Arabia |
10.058 |
9.797 |
9.994 |
|
UAE |
2.874 |
2.925 |
2.895 |
|
Venezuela |
1.972 |
1.987 |
1.972 |
|
total |
29.804 |
29.682 |
29.761 |
According to data from secondary resources, the OPEC remains in full compliance with the agreed production deal in March, though the production was marginally higher than February. However, it is important to note that some members are yet to comply with the agreed level of output.
Algeria, Ecuador, Gabon, Iraq, and UAE are yet to fully comply with the deal.
We would continue to monitor the level of compliance with the deal.
