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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Reuters has released its April OPEC oil market production survey and it suggests that OPEC production is set for a decline to the tune of 90,000 barrels per day compared to the revised February production data (Reuters). In March, production declined by 280,000 barrels per day. Below are the production details of individual countries.
WTI is currently trading at $61.8 per barrel and Brent at $7 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
|
|
April production based on Reuters’ report |
|
Algeria |
1.025 |
1.025 |
|
1.025 |
|
Angola |
1.481 |
1.45 |
|
1.42 |
|
Ecuador |
0.508 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.123 |
0.13 |
|
0.12 |
|
Gabon |
0.181 |
0.20 |
|
0.20 |
|
Iran |
N.A. |
2.75 |
|
2.60 |
|
Iraq |
4.512 |
4.50 |
|
4.53 |
|
Kuwait |
2.724 |
2.71 |
|
2.69 |
|
Libya |
N.A. |
1.10 |
|
1.15 |
|
Nigeria |
1.685 |
1.85 |
|
1.92 |
|
Congo |
0.315 |
0.33 |
|
0.34 |
|
Saudi Arabia |
10.311 |
9.80 |
|
9.85 |
|
UAE |
3.072 |
3.045 |
|
3.05 |
|
Venezuela |
N.A. |
0.90 |
|
0.80 |
|
total |
26.18 |
30.32 |
|
30.23 |
- According to data from Reuters, the OPEC remains over compliant in April, with compliance hitting 132 percent of the target. OPEC’s production has now set to decline for the 5th consecutive month.
- As of April, five countries (Congo, Ecuador, Gabon, Nigeria, and Iraq) remains non-compliant with the agreement.
- Concerns remain over Iraq, which was broadly non-compliant to the previous production cuts and plans to increase its production capacity.
