FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Reuters has released its October OPEC oil market production survey and it suggests that OPEC production is set for an increase to the tune of 390,000 barrels per day compared to the revised September production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $64.8 per barrel and Brent at $9.5 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 |
1.50 |
|
1.53 |
|
Ecuador |
0.522 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.12 |
|
Gabon |
0.193 |
0.19 |
|
0.19 |
|
Iran |
3.797 |
3.45 |
|
3.35 |
|
Iraq |
4.351 |
4.62 |
|
4.65 |
|
Kuwait |
2.707 |
2.80 |
|
2.79 |
|
Qatar |
0.618 |
0.61 |
|
0.60 |
|
Libya |
N.A. |
1.05 |
|
1.22 |
|
Nigeria |
N.A. |
1.85 |
|
1.88 |
|
Congo |
N.A. |
0.30 |
|
0.31 |
|
Saudi Arabia |
10.058 |
10.53 |
|
10.65 |
|
UAE |
2.874 |
3.05 |
|
3.25 |
|
Venezuela |
1.972 |
1.25 |
|
1.18 |
|
total |
29.804 |
32.92 |
|
33.31 |
- 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 107 percent.
- Many countries are becoming noncompliant with the agreement. Compliance for Saudi Arabia, UAE, and Iraq have hit negative levels, while Algeria, Ecuador, and Kuwait are now partially compliant.
- Venezuela’s compliance has hit 934 percent as ongoing economic crisis leads to a sharp decline in production. In October, the production declined further to 1.18 million barrels per day.
- According to the survey, two exempted members; Libya produced around 1.22 million barrels per day, while Nigeria produced 1.88 million barrels per day. Production is starting to recover in Nigeria, and rising fast in Libya.
- Saudi Arabia’s production is rising.
