FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Platts has released its June oil market production survey and it suggests that OPEC production is stabilizing around 30 million barrels per day.
WTI is currently trading at $57.8 per barrel and Brent at $6.7 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
May production based on Platts’ survey |
|
Algeria |
1.025 |
1.00 |
|
1.03 |
|
Angola |
1.481 |
1.39 |
|
1.45 |
|
Congo |
0.315 |
0.35 |
|
0.33 |
|
Ecuador |
0.508 |
0.52 |
|
0.53 |
|
Equatorial Guinea |
0.123 |
0.11 |
|
0.11 |
|
Gabon |
0.22 |
0.20 |
|
0.21 |
|
Iran |
N.A. |
2.35 |
|
2.45 |
|
Iraq |
4.512 |
4.77 |
|
4.82 |
|
Kuwait |
2.724 |
2.68 |
|
2.71 |
|
Libya |
N.A. |
1.08 |
|
1.12 |
|
Nigeria |
1.685 |
1.97 |
|
1.86 |
|
Saudi Arabia |
10.311 |
9.85 |
|
9.70 |
|
UAE |
3.072 |
3.06 |
|
3.05 |
|
Venezuela |
N.A. |
0.76 |
|
0.72 |
|
total |
25.937 |
30.09 |
|
30.09 |
- Total OPEC production for June was 30.09 million barrels per day.
- OPEC remains fully compliant with the new agreement but many members are yet to comply with the agreement, namely, Iraq and Nigeria. Compliance is 104 percent in June.
- As the crisis continues in Venezuela, its oil production continues to decline. In June, it was 0.72 million barrels per day.
