FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
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 recent downside correction also suggests the same. 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 per barrel and Brent at $5.5 per barrel premium to WTI.
|
|
Target as per OPEC deal |
July production |
|
|
|
June production |
|
Algeria |
1.039 |
1.062 |
|
|
|
1.039 |
|
Angola |
1.673 |
1.456 |
|
|
|
1.431 |
|
Ecuador |
0.522 |
0.525 |
|
|
|
0.519 |
|
Gabon |
0.193 |
0.188 |
|
|
|
0.190 |
|
Iran |
3.797 |
3.737 |
|
|
|
3.799 |
|
Iraq |
4.351 |
4.556 |
|
|
|
4.533 |
|
Kuwait |
2.707 |
2.791 |
|
|
|
2.731 |
|
Qatar |
0.618 |
0.616 |
|
|
|
0.603 |
|
Saudi Arabia |
10.058 |
10.387 |
|
|
|
10.42 |
|
UAE |
2.874 |
2.959 |
|
|
|
2.897 |
|
Venezuela |
1.972 |
1.278 |
|
|
|
1.34 |
|
total |
29.804 |
29.555 |
|
|
|
29.502 |
- According to data from secondary resources, the OPEC still remains more than compliant with the agreement on an average production basis. However, the production has increased substantially since June.
- Venezuela saw another sharp drop in production to 1.278 million barrels per day.
- Libya and Nigeria produced 0.664 and 1.67 million barrels per day in July, respectively.
- Total 15-member OPEC production was at 32.323 million barrels per day in July, up 41,000 barrels from June.
