Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
A survey by Reuters suggests that the production is now below 30 million barrels per day. According to the survey, it shows that OPEC as a group has reached over compliance with the new agreement that was agreed upon back in November last year between OPEC and non-OPEC countries led by Russia.
The deal has been a key support for the oil bulls since it came into existence back in 2016. In the 2018 agreement, OPEC, along with Russia led non-OPEC countries agreed to reduce production by 1.2 million barrels per day.
WTI is currently trading at $57.8 per barrel and Brent at $6.8 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
May production |
|
|
|
June production |
|
Algeria |
1.025 |
1.025 |
|
|
|
1.01 |
|
Angola |
1.481 |
1.45 |
|
|
|
1.40 |
|
Congo |
0.315 |
0.33 |
|
|
|
0.33 |
|
Ecuador |
0.508 |
0.53 |
|
|
|
0.530 |
|
Equatorial Guinea |
0.123 |
0.11 |
|
|
|
0.11 |
|
Gabon |
0.181 |
0.19 |
|
|
|
0.20 |
|
Iran |
N.A. |
2.20 |
|
|
|
2.15 |
|
Iraq |
4.512 |
4.65 |
|
|
|
4.55 |
|
Kuwait |
2.724 |
2.7 |
|
|
|
2.65 |
|
Libya |
N.A. |
1.25 |
|
|
|
1.20 |
|
Nigeria |
1.685 |
1.82 |
|
|
|
1.86 |
|
Saudi Arabia |
10.311 |
9.70 |
|
|
|
9.80 |
|
UAE |
3.072 |
3.060 |
|
|
|
3.046 |
|
Venezuela |
N.A. |
0.75 |
|
|
|
0.74 |
|
total |
26.18 |
29.765 |
|
|
|
29.596 |
- According to data from Reuters, OPEC compliance has reached 156 percent. OPEC’s production has now set to decline for the 7th consecutive month. However, a small decline in production suggests that OPEC production is finally stabilizing below 30 million barrels per day.
- As of June, five countries (Congo, Ecuador, Nigeria, Gabon, and Iraq) remains non-compliant with the agreement.
- Concerns remain over Iraq, which was broadly non-compliant to the previous production cuts and plans to increase its production capacity.
