Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Reuters has released its July OPEC oil market production survey and it suggests that OPEC production is set for an increase to the tune of 70,000 barrels per day compared to the revised June 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 |
|
|
June production based on Reuters’ report |
|
Algeria |
1.039 |
1.05 |
|
1.04 |
|
Angola |
1.673 |
1.36 |
|
1.42 |
|
Ecuador |
0.522 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.12 |
|
Gabon |
0.193 |
0.20 |
|
0.20 |
|
Iran |
3.797 |
3.65 |
|
3.75 |
|
Iraq |
4.351 |
4.54 |
|
4.50 |
|
Kuwait |
2.707 |
2.78 |
|
2.70 |
|
Qatar |
0.618 |
0.61 |
|
0.61 |
|
Libya |
N.A. |
0.65 |
|
0.68 |
|
Nigeria |
N.A. |
1.82 |
|
1.77 |
|
Saudi Arabia |
10.058 |
10.65 |
|
10.60 |
|
UAE |
2.874 |
2.93 |
|
2.89 |
|
Venezuela |
1.972 |
1.42 |
|
1.43 |
|
total |
29.804 |
32.32 |
|
32.25 |
- According to data from Reuters, the OPEC is fully and more than compliant with the agreement on an average production basis.
- 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.
- Reuters’ survey suggests that the production is up by 70,000 barrels per day in July compared to revised Reuters’ numbers for June.
- Venezuela’s compliance has hit 647 percent as ongoing economic crisis leads to sharp decline in production.
- According to the survey, 14 member production at 32.32 million barrels per day. Two exempted members; Libya produced around 0.65 million barrels per day, while Nigeria produced 1.82 million barrels per day.
- Both the countries are experiencing a continued drop in production as fierce political and arms battles continue to take control of the countries’ oil.
- Saudi Arabia’s production is rising, however, July rise was much smaller compared to the June’s rise.
