Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Since November 2016, when OPEC members agreed to cut production for the first time since the Great Recession, to the tune of 1.76 million barrels per day, it became a cornerstone for the oil market and one the key factors for the recent bullish oil market.
And recently, OPEC once again struck a deal along with Russia, which would reduce global oil supplies by 1.2 million barrels per day.
The price actions also suggest the same whenever news on the agreement hits the market. The latest decline in oil price was triggered by increasing oil supplies in the market and a weaker outlook for global demand. However, oil price halted decline as OPEC+ reached the above agreement.
WTI is currently trading at $54.3 per barrel and Brent at $9.9 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
January production |
|
|
|
December production |
|
Algeria |
1.025 |
1.041 |
|
|
|
1.050 |
|
Angola |
1.481 |
1.416 |
|
|
|
1.491 |
|
Congo |
0.315 |
0.310 |
|
|
|
0.331 |
|
Ecuador |
0.508 |
0.515 |
|
|
|
0.521 |
|
Equatorial Guinea |
0.123 |
0.117 |
|
|
|
0.11 |
|
Gabon |
0.181 |
0.193 |
|
|
|
0.194 |
|
Iran |
N.A. |
2.754 |
|
|
|
2.758 |
|
Iraq |
4.512 |
4.669 |
|
|
|
4.712 |
|
Kuwait |
2.724 |
2.71 |
|
|
|
2.800 |
|
Libya |
N.A. |
0.895 |
|
|
|
0.947 |
|
Nigeria |
1.685 |
1.792 |
|
|
|
1.74 |
|
Saudi Arabia |
10.311 |
10.213 |
|
|
|
10.562 |
|
UAE |
3.072 |
3.078 |
|
|
|
3.223 |
|
Venezuela |
N.A. |
1.106 |
|
|
|
1.165 |
|
total |
26.18 |
30.806 |
|
|
|
31.603 |
- According to data from secondary resources, the OPEC is close to full compliance with the new production agreement.
- It is important to note that overall production from OPEC including the exempted members like Nigeria, and Libya declined for the third consecutive months.
- Venezuela continues to see its production dwindling. In January, the production declined to just 1.11 million barrels per day.
