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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Reuters has released its February OPEC oil market production survey and it suggests that OPEC production is set for a decline to the tune of 300,000 barrels per day compared to the revised January production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $57.1 per barrel and Brent at $9 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
|
|
February production based on Reuters’ report |
|
Algeria |
1.025 |
1.06 |
|
1.05 |
|
Angola |
1.481 |
1.45 |
|
1.44 |
|
Ecuador |
0.508 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.123 |
0.12 |
|
0.12 |
|
Gabon |
0.181 |
0.19 |
|
0.20 |
|
Iran |
N.A. |
2.75 |
|
2.85 |
|
Iraq |
4.512 |
4.65 |
|
4.58 |
|
Kuwait |
2.724 |
2.71 |
|
2.70 |
|
Libya |
N.A. |
1.20 |
|
0.90 |
|
Nigeria |
1.685 |
1.84 |
|
1.82 |
|
Congo |
0.315 |
0.32 |
|
0.33 |
|
Saudi Arabia |
10.311 |
10.25 |
|
10.12 |
|
UAE |
3.072 |
3.07 |
|
3.05 |
|
Venezuela |
N.A. |
1.17 |
|
1.05 |
|
total |
26.18 |
30.98 |
|
30.68 |
- According to data from Reuters, the OPEC has reached full compliance with the new agreement. But that is largely due to sharp over compliance by UAE, Kuwait, and Saudi Arabia, which reduced production 0.48 million barrels per day, compared to December.
- Concerns remain over Iraq, which was broadly non-compliant to the previous production cuts.
- Overall OPEC production declined by 0.3 million barrels per day in February, compared to January.
