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Reuters has released its January OPEC oil market production survey and it suggests that OPEC production is set for a decline to tune of 890,000 barrels per day compared to the revised December production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $54.8 per barrel and Brent at $7.9 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
|
|
December production based on Reuters’ report |
|
Algeria |
1.025 |
1.06 |
|
1.07 |
|
Angola |
1.481 |
1.45 |
|
1.47 |
|
Ecuador |
0.508 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.123 |
0.12 |
|
0.12 |
|
Gabon |
0.181 |
0.19 |
|
0.19 |
|
Iran |
N.A. |
2.75 |
|
2.85 |
|
Iraq |
4.512 |
4.65 |
|
4.70 |
|
Kuwait |
2.724 |
2.71 |
|
2.80 |
|
Libya |
N.A. |
1.20 |
|
1.10 |
|
Nigeria |
1.685 |
1.84 |
|
1.89 |
|
Congo |
0.315 |
0.32 |
|
0.32 |
|
Saudi Arabia |
10.311 |
10.25 |
|
10.60 |
|
UAE |
3.072 |
3.07 |
|
3.24 |
|
Venezuela |
N.A. |
1.17 |
|
1.10 |
|
total |
26.18 |
30.98 |
|
31.87 |
- According to data from Reuters, the OPEC is closing in on compliance from the very first month. According to Reuters’ survey, compliance to new targets have hit 70 percent. But that is largely due to sharp over compliance by Saudi Arabia, which reduced production 0.35 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 0.89 million barrels per day in January, compared to December.
