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Platts has released its June oil market production survey and it suggests that OPEC production is set for a rise in June compared to the May, including Nigeria and Libya. The gap is calculated based on Platts’ survey reports for the last two months. Below are the production details of individual countries.
WTI is currently trading at $72.4 per barrel and Brent at $4.2 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
June production based on Platts’ survey |
|
Algeria |
1.039 |
1.05 |
|
1.06 |
|
Angola |
1.673 |
1.52 |
|
1.45 |
|
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 |
|
3.80 |
|
Iraq |
4.351 |
4.47 |
|
4.54 |
|
Kuwait |
2.707 |
2.70 |
|
2.71 |
|
Libya |
NA |
0.95 |
|
0.70 |
|
Nigeria |
NA |
1.73 |
|
1.72 |
|
Qatar |
0.618 |
0.60 |
|
0.61 |
|
Saudi Arabia |
10.058 |
10.01 |
|
10.39 |
|
UAE |
2.874 |
2.87 |
|
2.88 |
|
Venezuela |
1.972 |
1.36 |
|
1.30 |
|
total |
29.804 |
31.90 |
|
31.99 |
- Total OPEC production for June was at 31.99 million barrels per day, compared to 31.9 million barrels per day production in May.
- All countries are broadly compliant with the agreement, except for Iraq, which has been the biggest cheater so far.
- As the crisis continues in Venezuela, its oil production continues to decline rapidly. Oil production is also declining at pace in Nigeria, Libya, and Angola also.
- As President Trump presses Saudi Arabia, the latter increased production by 390,000 barrels per day.
