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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Reuters has released its November oil market production survey and it suggests that OPEC production is set for a decline in the tune of 85,000 barrels per day in November compared to the October. Below are the production details of individual countries.
WTI is currently trading at $57.1 per barrel and Brent at $5.1 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
October production based on OPEC report |
|
Algeria |
1.039 |
1.02 |
|
1.012 |
|
Angola |
1.673 |
1.60 |
|
1.711 |
|
Ecuador |
0.522 |
0.54 |
|
0.541 |
|
Gabon |
0.193 |
0.20 |
|
0.203 |
|
Iran |
3.797 |
3.82 |
|
3.823 |
|
Iraq |
4.351 |
4.33 |
|
4.383 |
|
Kuwait |
2.707 |
2.7 |
|
2.708 |
|
Qatar |
0.618 |
0.61 |
|
0.6 |
|
Saudi Arabia |
10.058 |
10 |
|
10 |
|
UAE |
2.874 |
2.95 |
|
2.911 |
|
Venezuela |
1.972 |
1.90 |
|
1.863 |
|
total |
29.804 |
29.67 |
|
29.755 |
- According to data from Reuters, the OPEC is fully and more than compliant with the agreement on an average production basis.
- Almost all countries are compliant with the deal in November, including Iraq, which has been the biggest cheater so far.
- Data suggests that 11 countries have reduced production by 1.298 million barrels compared to the baseline production last November, which was 30.968 million barrels, which puts the compliance at 112 percent for November up from 92 percent in October.
