FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
OPEC’s monthly report was released and it shows that OPEC as a group has reached full compliance with the new agreement that was agreed upon back in November last year between OPEC and non-OPEC countries led by Russia.
The deal has been a key support for the oil bulls since it came into existence back in 2016. In the 2018 agreement, OPEC, along with Russia led non-OPEC countries agreed to reduce production by 1.2 million barrels per day.
WTI is currently trading at $63.9 per barrel and Brent at $7.4 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
March production |
|
|
|
February production |
|
Algeria |
1.025 |
1.018 |
|
|
|
1.026 |
|
Angola |
1.481 |
1.454 |
|
|
|
1.448 |
|
Congo |
0.315 |
0.344 |
|
|
|
0.321 |
|
Ecuador |
0.508 |
0.524 |
|
|
|
0.524 |
|
Equatorial Guinea |
0.123 |
0.124 |
|
|
|
0.121 |
|
Gabon |
0.181 |
0.214 |
|
|
|
0.204 |
|
Iran |
N.A. |
2.698 |
|
|
|
2.726 |
|
Iraq |
4.512 |
4.522 |
|
|
|
4.647 |
|
Kuwait |
2.724 |
2.709 |
|
|
|
2.709 |
|
Libya |
N.A. |
1.098 |
|
|
|
0.902 |
|
Nigeria |
1.685 |
1.733 |
|
|
|
1.723 |
|
Saudi Arabia |
10.311 |
9.794 |
|
|
|
10.118 |
|
UAE |
3.072 |
3.059 |
|
|
|
3.068 |
|
Venezuela |
N.A. |
0.732 |
|
|
|
1.021 |
|
total |
26.18 |
30.022 |
|
|
|
30.557 |
- According to data from secondary resources, the OPEC has reached over-compliance.
- It is important to note that the majority of the members remain non-compliant, while Saudi Arabia reduced production by more than the target.
- Venezuela continues to see its production dwindling.
