Platts has released its May oil market production survey and it suggests that OPEC production is set for another decline in May compared to the April, including Nigeria and Libya. The gap is calculated based on Platts’ survey reports for last two months. Below are the production details of individual countries.
WTI is currently trading at $66.2 per barrel and Brent at $10.3 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
April production based on Platts’ survey |
|
Algeria |
1.039 |
1.05 |
|
1.01 |
|
Angola |
1.673 |
1.52 |
|
1.53 |
|
Ecuador |
0.522 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.13 |
|
Gabon |
0.193 |
0.16 |
|
0.18 |
|
Iran |
3.797 |
3.83 |
|
3.83 |
|
Iraq |
4.351 |
4.47 |
|
4.42 |
|
Kuwait |
2.707 |
2.70 |
|
2.71 |
|
Libya |
NA |
0.95 |
|
0.97 |
|
Nigeria |
NA |
1.73 |
|
1.88 |
|
Qatar |
0.618 |
0.60 |
|
0.59 |
|
Saudi Arabia |
10.058 |
10.01 |
|
9.95 |
|
UAE |
2.874 |
2.87 |
|
2.87 |
|
Venezuela |
1.972 |
1.36 |
|
1.41 |
|
total |
29.804 |
31.90 |
|
32.00 |
- Total OPEC production for May was at 31.9 million barrels per day, compared to 32 million barrels per day production in April.
- All countries are broadly compliant with the agreement, except for Iraq, which has been the biggest cheater so far.
- As crisis continues in Venezuela, its oil production continues to decline rapidly.
