FxWirePro: Daily Commodity Tracker - 21st March, 2022 
A survey by Reuters suggests that the production is no longer declining fast and somewhat stabilizing around 30 million barrels per day. According to the survey, the production s down just 60,000 barrels in May, after declining 90,000 barrels per day in April and 280,000 barrels per day in March. Below are the production details of individual countries.
WTI is currently trading at $53 per barrel and Brent at $8.5 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
|
|
April production based on Reuters’ report |
|
Algeria |
1.025 |
1.025 |
|
1.025 |
|
Angola |
1.481 |
1.50 |
|
1.42 |
|
Ecuador |
0.508 |
0.53 |
|
0.53 |
|
Equatorial Guinea |
0.123 |
0.11 |
|
0.12 |
|
Gabon |
0.181 |
0.19 |
|
0.20 |
|
Iran |
N.A. |
2.20 |
|
2.60 |
|
Iraq |
4.512 |
4.65 |
|
4.53 |
|
Kuwait |
2.724 |
2.71 |
|
2.69 |
|
Libya |
N.A. |
1.10 |
|
1.15 |
|
Nigeria |
1.685 |
1.82 |
|
1.92 |
|
Congo |
0.315 |
0.33 |
|
0.34 |
|
Saudi Arabia |
10.311 |
10.05 |
|
9.85 |
|
UAE |
3.072 |
3.055 |
|
3.05 |
|
Venezuela |
N.A. |
0.75 |
|
0.80 |
|
total |
26.18 |
30.17 |
|
30.23 |
- According to data from Reuters, the OPEC compliance declined to 96 percent from 132 percent in April. OPEC’s production has now set to decline for the 6th consecutive month. However, a small decline in production suggests that OPEC production s finally stabilizing above 30 million barrels per day.
- As of May, five countries (Congo, Angola, Nigeria, Gabon, Nigeria, 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.
