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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 July compared to the June, 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 $69.2 per barrel and Brent at $4.9 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
June production based on Platts’ survey |
|
Algeria |
1.039 |
1.07 |
|
1.06 |
|
Angola |
1.673 |
1.45 |
|
1.45 |
|
Ecuador |
0.522 |
0.53 |
|
0.52 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.13 |
|
Gabon |
0.193 |
0.18 |
|
0.18 |
|
Iran |
3.797 |
3.72 |
|
3.80 |
|
Iraq |
4.351 |
4.57 |
|
4.54 |
|
Kuwait |
2.707 |
2.78 |
|
2.71 |
|
Libya |
NA |
0.67 |
|
0.70 |
|
Nigeria |
NA |
1.80 |
|
1.72 |
|
Qatar |
0.618 |
0.62 |
|
0.61 |
|
Saudi Arabia |
10.058 |
10.63 |
|
10.39 |
|
UAE |
2.874 |
2.97 |
|
2.88 |
|
Venezuela |
1.972 |
1.24 |
|
1.30 |
|
total |
29.804 |
32.35 |
|
31.99 |
- Total OPEC production for July was at 32.35 million barrels per day excluding new member Congo, compared to 31.99 million barrels per day production in June.
- 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. In July, it dropped to 1.24 million barrels per day. Oil production is also declining at pace in Nigeria, Libya, and Angola also.
- As President Trump presses Saudi Arabia, the latter increased production by more than half a million barrels per day.
