FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Platts has released its August oil market production survey and it suggests that OPEC production is set for a rise in August compared to the July, 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 $68.9 per barrel and Brent at $8.7 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
August production based on Platts’ survey |
|
Algeria |
1.039 |
1.07 |
|
1.06 |
|
Angola |
1.673 |
1.45 |
|
1.46 |
|
Congo |
N.A. |
0.31 |
|
0.32 |
|
Ecuador |
0.522 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.12 |
|
0.13 |
|
Gabon |
0.193 |
0.18 |
|
0.20 |
|
Iran |
3.797 |
3.72 |
|
3.60 |
|
Iraq |
4.351 |
4.57 |
|
4.68 |
|
Kuwait |
2.707 |
2.78 |
|
2.80 |
|
Libya |
NA |
0.67 |
|
0.94 |
|
Nigeria |
NA |
1.80 |
|
1.87 |
|
Qatar |
0.618 |
0.62 |
|
0.62 |
|
Saudi Arabia |
10.058 |
10.63 |
|
10.49 |
|
UAE |
2.874 |
2.97 |
|
2.97 |
|
Venezuela |
1.972 |
1.24 |
|
1.22 |
|
total |
29.804 |
32.66 |
|
32.89 |
- Total OPEC production for August was at 32.89 million barrels per day including new member Congo, compared to 32.66 million barrels per day production in July.
- All countries are broadly compliant with the agreement, except for Iraq, which has been the biggest cheater so far. If Saudi production continues to rise, it would soon be breaching its limit on an average production basis.
- As the crisis continues in Venezuela, its oil production continues to decline rapidly. In August, it dropped further to 1.24 million barrels per day.
- As violence subsided, production is recovering in Libya.
