FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Platts has released its October oil market production survey and it suggests that OPEC production is set for a rise in November compared to October, 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. |
0.31 |
|
0.32 |
|
Ecuador |
0.522 |
0.52 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.12 |
|
0.12 |
|
Gabon |
0.193 |
0.18 |
|
0.18 |
|
Iran |
3.797 |
2.98 |
|
3.29 |
|
Iraq |
4.351 |
4.57 |
|
4.62 |
|
Kuwait |
2.707 |
2.79 |
|
2.76 |
|
Libya |
NA |
1.05 |
|
1.10 |
|
Nigeria |
NA |
1.89 |
|
1.89 |
|
Qatar |
0.618 |
0.61 |
|
0.62 |
|
Saudi Arabia |
10.058 |
11.02 |
|
10.67 |
|
UAE |
2.874 |
3.30 |
|
3.17 |
|
Venezuela |
1.972 |
1.17 |
|
1.18 |
|
total |
29.804 |
33.08 |
|
33.04 |
- Total OPEC production for November was at 33.08 million barrels per day including new member Congo, compared to 33.04 million barrels per day production in October.
- 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 November, it dropped further to 1.17 million barrels per day.
- As violence subsided, production continues to recover in Libya.
- Platts’ survey outcome is in stark contrast with Reuters’ survey that suggested that the production declined by 160,000 barrels per day.
