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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Platts has released its April oil market production survey and it suggests that OPEC production is set to rise 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 $62.1 per barrel and Brent at $8.8 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
March production based on Platts’ survey |
|
Algeria |
1.025 |
1.02 |
|
1.02 |
|
Angola |
1.481 |
1.41 |
|
1.46 |
|
Congo |
0.315 |
0.34 |
|
0.35 |
|
Ecuador |
0.508 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.123 |
0.13 |
|
0.13 |
|
Gabon |
0.22 |
0.20 |
|
0.22 |
|
Iran |
N.A. |
2.57 |
|
2.69 |
|
Iraq |
4.512 |
4.67 |
|
4.57 |
|
Kuwait |
2.724 |
2.69 |
|
2.70 |
|
Libya |
N.A. |
1.10 |
|
1.06 |
|
Nigeria |
1.685 |
1.95 |
|
1.84 |
|
Saudi Arabia |
10.311 |
9.82 |
|
9.87 |
|
UAE |
3.072 |
3.05 |
|
3.05 |
|
Venezuela |
N.A. |
0.78 |
|
0.74 |
|
total |
25.937 |
30.26 |
|
30.23 |
- Total OPEC production for April was 30.26 million barrels per day including new member Congo, compared to 30.23 million barrels per day production in March.
- OPEC remains fully compliant with the new agreement but many members are yet to comply with the agreement, namely, Iraq and Nigeria.
- As crisis continues in Venezuela, its oil production continues to decline. In April, it was 0.78 million barrels per day.
