FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Platts has released its November oil market production survey and it suggests that OPEC production is set to decline big in December compared to November, 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 $52.6 per barrel and Brent at $9 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
December production based on Platts’ survey |
|
Algeria |
1.039 |
1.06 |
|
1.05 |
|
Angola |
1.673 |
1.51 |
|
1.48 |
|
Congo |
N.A. |
0.31 |
|
0.32 |
|
Ecuador |
0.522 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.128 |
0.12 |
|
0.11 |
|
Gabon |
0.193 |
0.18 |
|
0.19 |
|
Iran |
3.797 |
2.97 |
|
2.80 |
|
Iraq |
4.351 |
4.57 |
|
4.67 |
|
Kuwait |
2.707 |
2.79 |
|
2.80 |
|
Libya |
NA |
1.05 |
|
0.97 |
|
Nigeria |
NA |
1.89 |
|
1.90 |
|
Qatar |
0.618 |
0.61 |
|
0.60 |
|
Saudi Arabia |
10.058 |
11.01 |
|
10.60 |
|
UAE |
2.874 |
3.30 |
|
3.25 |
|
Venezuela |
1.972 |
1.17 |
|
1.17 |
|
total |
29.804 |
33.06 |
|
32.43 |
- Total OPEC production for December was at 32.43 million barrels per day including new member Congo, compared to 33.06 million barrels per day production in November.
- All countries are broadly compliant with the agreement, except for Iraq, which has been the biggest cheater so far. Saudi Arabia has also breached limit on an average production basis, and now, uncompliant on an average production basis.
- As the crisis continues in Venezuela, its oil production continues to decline. In December, it, however, was unchanged to 1.17 million barrels per day.
- As the violence subsided, production continues to recover in Libya. However, it marginally declined in December.
- According to Platts’ survey, production has now declined to a six-month low.
