FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Platts has released its February oil market production survey and it suggests that OPEC production is set to decline by a small amount, including Nigeria and Libya, and new member Congo. 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 $55.1 per barrel and Brent at $9 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
February production based on Platts’ survey |
|
Algeria |
1.025 |
1.03 |
|
1.03 |
|
Angola |
1.481 |
1.45 |
|
1.45 |
|
Congo |
0.315 |
0.30 |
|
0.31 |
|
Ecuador |
0.508 |
0.51 |
|
0.52 |
|
Equatorial Guinea |
0.123 |
0.13 |
|
0.13 |
|
Gabon |
0.22 |
0.21 |
|
0.22 |
|
Iran |
N.A. |
2.72 |
|
2.72 |
|
Iraq |
4.512 |
4.63 |
|
4.67 |
|
Kuwait |
2.724 |
2.72 |
|
2.70 |
|
Libya |
N.A. |
0.85 |
|
0.87 |
|
Nigeria |
1.685 |
1.87 |
|
1.88 |
|
Saudi Arabia |
10.311 |
10.21 |
|
10.15 |
|
UAE |
3.072 |
3.07 |
|
3.05 |
|
Venezuela |
N.A. |
1.16 |
|
1.10 |
|
total |
25.937 |
30.86 |
|
30.80 |
- Total OPEC production for February was 30.80 million barrels per day including new member Congo, compared to 30.86 million barrels per day production in January.
- OPEC is close to full compliance in February, as Saudi Arabia cuts more than required.
- As the crisis continues in Venezuela, its oil production continues to decline. In February, it dropped to 1.10 million barrels per day.
