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Since November 2016, when OPEC members agreed to cut production for the first time since the Great Recession, to the tune of 1.76 million barrels per day, it became a cornerstone for the oil market and one the key factors for the recent bullish oil market.
The price actions also suggest the same whenever news on the agreement hits the market. The latest decline in oil price was triggered by President Trump’s pressure on Saudi Arabia to produce more.
WTI is currently trading at $68.7 per barrel and Brent at $9.7 per barrel premium to WTI.
|
|
Target as per OPEC deal |
July production |
|
|
|
August production |
|
Algeria |
1.039 |
1.059 |
|
|
|
1.045 |
|
Angola |
1.673 |
1.456 |
|
|
|
1.448 |
|
Ecuador |
0.522 |
0.525 |
|
|
|
0.529 |
|
Gabon |
0.193 |
0.187 |
|
|
|
0.188 |
|
Iran |
3.797 |
3.734 |
|
|
|
3.584 |
|
Iraq |
4.351 |
4.559 |
|
|
|
4.649 |
|
Kuwait |
2.707 |
2.793 |
|
|
|
2.802 |
|
Qatar |
0.618 |
0.615 |
|
|
|
0.615 |
|
Saudi Arabia |
10.058 |
10.363 |
|
|
|
10.401 |
|
UAE |
2.874 |
2.96 |
|
|
|
2.972 |
|
Venezuela |
1.972 |
1.272 |
|
|
|
1.235 |
|
total |
29.804 |
29.523 |
|
|
|
29.468 |
- According to data from secondary resources, the OPEC remains more than compliant with the agreement on an average production basis. However, the production has increased substantially since May.
- It is important to note that overall production from OPEC including the exempted members like Nigeria, and Libya rose for a fourth consecutive month and by 278,000 barrels per day In August compared to July.
- Venezuela saw another sharp drop in production to 1.235 million barrels per day.
- Libya and Nigeria produced 0.926 and 1.725 million barrels per day in August, respectively.
- Total 14-member OPEC production was at 32.245 million barrels per day in August.
