FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Reuters has released its March OPEC oil market production survey and it suggests that OPEC production is set for a decline by 280,000 barrels per day compared to the revised February production data (Reuters). 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 |
|
|
February production based on Reuters’ report |
|
Algeria |
1.025 |
1.025 |
|
1.03 |
|
Angola |
1.481 |
1.45 |
|
1.44 |
|
Ecuador |
0.508 |
0.53 |
|
0.52 |
|
Equatorial Guinea |
0.123 |
0.13 |
|
0.12 |
|
Gabon |
0.181 |
0.20 |
|
0.20 |
|
Iran |
N.A. |
2.75 |
|
2.80 |
|
Iraq |
4.512 |
4.50 |
|
4.58 |
|
Kuwait |
2.724 |
2.69 |
|
2.70 |
|
Libya |
N.A. |
1.10 |
|
0.90 |
|
Nigeria |
1.685 |
1.85 |
|
1.82 |
|
Congo |
0.315 |
0.33 |
|
0.33 |
|
Saudi Arabia |
10.311 |
9.90 |
|
10.12 |
|
UAE |
3.072 |
3.045 |
|
3.05 |
|
Venezuela |
N.A. |
0.90 |
|
1.05 |
|
total |
26.18 |
30.40 |
|
30.68 |
- According to data from Reuters, the OPEC has reached over compliance in March, with compliance hitting 135 percent of the target. OPEC’s production has now set to decline for the 4th consecutive month.
- Concerns remain over Iraq, which was broadly non-compliant to the previous production cuts and plans to increase its production capacity.
