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Reuters has released its December OPEC oil market production survey and it suggests that OPEC production is set for a decline to the tune of 460,000 barrels per day compared to the revised November production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $48.2 per barrel and Brent at $9.1per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
December production based on Reuters’ report |
|
Algeria |
1.039 |
1.06 |
|
1.07 |
|
Angola |
1.673 |
1.51 |
|
1.47 |
|
Ecuador |
0.522 |
0.52 |
|
0.52 |
|
Equatorial Guinea |
0.128 |
0.12 |
|
0.12 |
|
Gabon |
0.193 |
0.20 |
|
0.19 |
|
Iran |
3.797 |
2.90 |
|
2.85 |
|
Iraq |
4.351 |
4.55 |
|
4.70 |
|
Kuwait |
2.707 |
2.73 |
|
2.80 |
|
Qatar |
0.618 |
0.61 |
|
0.61 |
|
Libya |
N.A. |
1.20 |
|
1.10 |
|
Nigeria |
N.A. |
1.84 |
|
1.89 |
|
Congo |
N.A. |
0.32 |
|
0.32 |
|
Saudi Arabia |
10.058 |
11 |
|
10.60 |
|
UAE |
2.874 |
3.35 |
|
3.24 |
|
Venezuela |
1.972 |
1.20 |
|
1.10 |
|
total |
29.804 |
33.14 |
|
32.68 |
- 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 risen to 152 percent from 107 percent two months ago.
- Many countries are becoming noncompliant with the agreement. Compliance for Saudi Arabia, UAE, and Iraq have hit negative levels, while Algeria and Kuwait are now partially compliant.
- Venezuela’s compliance has hit a new record high of 913 percent largely due to the ongoing crisis.
- According to the survey, two exempted members; Libya produced around 1.1 million barrels per day, while Nigeria produced 1.89 million barrels per day. Production has started to recover in Nigeria and rising fast in Libya.
- Saudi Arabia’s production remains at elevated levels.
