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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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 increasing oil supplies in the market and a weaker outlook for global demand.
WTI is currently trading at $59.1 per barrel and Brent at $10.1 per barrel premium to WTI.
|
|
Target as per OPEC deal |
September production |
|
|
|
October production |
|
Algeria |
1.039 |
1.049 |
|
|
|
1.054 |
|
Angola |
1.673 |
1.519 |
|
|
|
1.533 |
|
Congo |
NA |
0.312 |
|
|
|
0.324 |
|
Ecuador |
0.522 |
0.531 |
|
|
|
0.525 |
|
Equatorial Guinea |
|
0.124 |
|
|
|
0.131 |
|
Gabon |
0.193 |
0.187 |
|
|
|
0.186 |
|
Iran |
3.797 |
3.447 |
|
|
|
3296 |
|
Iraq |
4.351 |
4.650 |
|
|
|
4.653 |
|
Kuwait |
2.707 |
2.812 |
|
|
|
2.764 |
|
Libya |
NA |
1.053 |
|
|
|
1.114 |
|
Nigeria |
NA |
1.748 |
|
|
|
1.751 |
|
Qatar |
0.618 |
0.616 |
|
|
|
0.609 |
|
Saudi Arabia |
10.058 |
10.512 |
|
|
|
10.63 |
|
UAE |
2.874 |
3.004 |
|
|
|
3.16 |
|
Venezuela |
1.972 |
1.197 |
|
|
|
1.171 |
|
total |
29.804 |
32.761 |
|
|
|
32.90 |
- 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 sixth consecutive month and by 127,000 barrels per day In October compared to September.
- Venezuela saw another drop in production to 1.171 million barrels per day.
- Libya and Nigeria produced 1.114 and 1.751 million barrels per day in October, respectively.
