Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Reuters has released its August OPEC oil market production survey and it suggests that OPEC production is set for an increase to the tune of 220,000 barrels per day compared to the revised July production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $68.4 per barrel and Brent at $5.6 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
August production based on Reuters’ report |
|
Algeria |
1.039 |
1.05 |
|
1.06 |
|
Angola |
1.673 |
1.42 |
|
1.38 |
|
Ecuador |
0.522 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.13 |
|
Gabon |
0.193 |
0.20 |
|
0.20 |
|
Iran |
3.797 |
3.70 |
|
3.55 |
|
Iraq |
4.351 |
4.54 |
|
4.65 |
|
Kuwait |
2.707 |
2.80 |
|
2.80 |
|
Qatar |
0.618 |
0.62 |
|
0.62 |
|
Libya |
N.A. |
0.65 |
|
0.87 |
|
Nigeria |
N.A. |
1.82 |
|
1.85 |
|
Congo |
N.A. |
0.32 |
|
0.32 |
|
Saudi Arabia |
10.058 |
10.40 |
|
10.48 |
|
UAE |
2.874 |
2.97 |
|
2.97 |
|
Venezuela |
1.972 |
1.42 |
|
1.38 |
|
total |
29.804 |
32.57 |
|
32.79 |
- 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.
- Almost all countries are compliant with the deal in July on an average production basis, excluding Iraq, which has been the biggest cheater so far. Saudi Arabia with increasing production will soon lead to a breach of the limit on average compliance basis.
- Reuters’ survey suggests that the production is up by 220,000 barrels per day in August compared to revised Reuters’ numbers for July.
- Venezuela’s compliance has hit 723 percent as ongoing economic crisis leads to sharp decline in production.
- According to the survey, two exempted members; Libya produced around 0.87 million barrels per day, while Nigeria produced 1.85 million barrels per day. Production is starting to recover in Syria after a drop due to increased violence.
- Saudi Arabia’s production is rising, however, August rise was much smaller compared to the June’s rise.
