Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Reuters has released its February oil market production survey and it suggests that OPEC production is set for a decline to tune of 60,000 barrels per day in February compared to the revised January production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $61.3 per barrel and Brent at $3.1 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
February production based on Reuters’ report |
|
Algeria |
1.039 |
1.02 |
|
1.03 |
|
Angola |
1.673 |
1.61 |
|
1.60 |
|
Ecuador |
0.522 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.14 |
|
0.13 |
|
Gabon |
0.193 |
0.20 |
|
0.20 |
|
Iran |
3.797 |
3.82 |
|
3.82 |
|
Iraq |
4.351 |
4.36 |
|
4.35 |
|
Kuwait |
2.707 |
2.7 |
|
2.70 |
|
Qatar |
0.618 |
0.61 |
|
0.61 |
|
Saudi Arabia |
10.058 |
9.98 |
|
10.00 |
|
UAE |
2.874 |
2.85 |
|
2.80 |
|
Venezuela |
1.972 |
1.60 |
|
1.59 |
|
total |
29.804 |
29.42 |
|
29.36 |
- According to data from Reuters, the OPEC is fully and more than compliant with the agreement on average production basis.
- Almost all countries are compliant with the deal in February, including Iraq, which has been the biggest cheater so far.
- Data suggests that 12 countries have reduced production more than required, with compliance hitting 149 percent.
- Reuters; survey suggest that the production is down by 60,000 barrels per day in February compared to revised Reuters’ numbers for January.
- The compliance is calculated at 149 percent. Venezuela’s compliance has hit 502 percent as ongoing economic crisis leads to sharp decline in prices.
- According to the survey, 14 member production at 32.28 million barrels per day. Libya produced around 0.97 million barrels per day, while Nigeria produced 1.95 million barrels per day.
