Reuters has released its November OPEC oil market production survey and it suggests that OPEC production is set for a decline to the tune of 160,000 barrels per day compared to the revised October production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $53.5 per barrel and Brent at $8.7 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
October production based on Reuters’ report |
|
Algeria |
1.039 |
1.06 |
|
1.06 |
|
Angola |
1.673 |
1.51 |
|
1.53 |
|
Ecuador |
0.522 |
0.52 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.12 |
|
0.12 |
|
Gabon |
0.193 |
0.20 |
|
0.19 |
|
Iran |
3.797 |
2.85 |
|
3.35 |
|
Iraq |
4.351 |
4.55 |
|
4.65 |
|
Kuwait |
2.707 |
2.75 |
|
2.73 |
|
Qatar |
0.618 |
0.61 |
|
0.60 |
|
Libya |
N.A. |
1.20 |
|
1.22 |
|
Nigeria |
N.A. |
1.84 |
|
1.88 |
|
Congo |
N.A. |
0.32 |
|
0.31 |
|
Saudi Arabia |
10.058 |
11 |
|
10.65 |
|
UAE |
2.874 |
3.35 |
|
3.27 |
|
Venezuela |
1.972 |
1.23 |
|
1.18 |
|
total |
29.804 |
33.11 |
|
33.27 |
- According to data from Reuters, the OPEC is fully and more than compliant with the agreement on an average production basis. However, the compliance has declined to 120 percent but up from last month’s 107 percent.
- Many countries are becoming noncompliant with the agreement. Compliance for Saudi Arabia, UAE, and Iraq have hit negative levels, while Algeria, Gabon, and Kuwait are now partially compliant.
- Venezuela’s compliance declined to 881 percent, down from a record 934 percent last month, as the oil production rose for the first time since the beginning of the crisis. In November, the production rose to 1.23 million barrels per day.
- According to the survey, two exempted members; Libya produced around 1.2 million barrels per day, while Nigeria produced 1.84 million barrels per day. Production has started to recover in Nigeria and rising fast in Libya.
- Saudi Arabia’s production is rising fast and reached a record high of 11 million barrels per day.
