Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Platts has released its October oil market production survey and it suggests that OPEC production is set for a decline in October compared to September, 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 $61.8 per barrel and Brent at $10.4 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
October production based on Platts’ survey |
|
Algeria |
1.039 |
1.06 |
|
1.06 |
|
Angola |
1.673 |
1.51 |
|
1.53 |
|
Congo |
N.A. |
0.32 |
|
0.32 |
|
Ecuador |
0.522 |
0.53 |
|
0.54 |
|
Equatorial Guinea |
0.128 |
0.11 |
|
0.12 |
|
Gabon |
0.193 |
0.18 |
|
0.18 |
|
Iran |
3.797 |
3.50 |
|
3.29 |
|
Iraq |
4.351 |
4.65 |
|
4.62 |
|
Kuwait |
2.707 |
2.82 |
|
2.76 |
|
Libya |
NA |
1.05 |
|
1.10 |
|
Nigeria |
NA |
1.88 |
|
1.89 |
|
Qatar |
0.618 |
0.62 |
|
0.62 |
|
Saudi Arabia |
10.058 |
10.60 |
|
10.67 |
|
UAE |
2.874 |
3.01 |
|
3.17 |
|
Venezuela |
1.972 |
1.22 |
|
1.18 |
|
total |
29.804 |
33.07 |
|
33.04 |
- Total OPEC production for October was at 33.04 million barrels per day including new member Congo, compared to 33.07 million barrels per day production in September.
- 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.
- As the crisis continues in Venezuela, its oil production continues to decline rapidly. In October, it dropped further to 1.18 million barrels per day.
- As violence subsided, production is recovering fast in Libya.
