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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Reuters has released its May OPEC oil market production survey and it suggests that OPEC production is set for a rose to the tune of 70,000 barrels per day in May compared to the revised April production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $64.5 per barrel and Brent at $9.8 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
April production based on Reuters’ report |
|
Algeria |
1.039 |
0.99 |
|
0.98 |
|
Angola |
1.673 |
1.5 |
|
1.49 |
|
Ecuador |
0.522 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.13 |
|
Gabon |
0.193 |
0.19 |
|
0.20 |
|
Iran |
3.797 |
3.80 |
|
3.82 |
|
Iraq |
4.351 |
4.45 |
|
4.40 |
|
Kuwait |
2.707 |
2.70 |
|
2.70 |
|
Qatar |
0.618 |
0.60 |
|
0.60 |
|
Libya |
N.A. |
0.96 |
|
0.98 |
|
Nigeria |
N.A. |
1.85 |
|
1.94 |
|
Saudi Arabia |
10.058 |
10 |
|
9.94 |
|
UAE |
2.874 |
2.87 |
|
2.87 |
|
Venezuela |
1.972 |
1.45 |
|
1.50 |
|
total |
29.804 |
32.00 |
|
32.07 |
- 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 May, excluding Iraq, which has been the biggest cheater so far.
- Data suggests that 12 countries have reduced production more than required, with compliance hitting 163 percent.
- Reuters; survey suggest that the production is up by 70,000 barrels per day in May compared to revised Reuters’ numbers for April.
- Venezuela’s compliance has hit 649 percent as ongoing economic crisis leads to sharp decline in production.
- According to the survey, 14 member production at 32 million barrels per day. Two exempted members; Libya produced around 0.96 million barrels per day, while Nigeria produced 1.85 million barrels per day.
