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Oil in Global Economy Series: OPEC Production down by 797,000 barrels in January

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
 (million barrel per day)

January production
 (million barrel per day)

 

 

 

December production
 (million barrel per day)

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.
  • ET PRO
  • Market Data

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March 26 04:00 UTC Released

THManufacturing Prod YY

Actual

-1.6 %

Forecast

0.52 %

Previous

0.18 %

March 25 21:45 UTC Released

NZTrade Balance YY

Actual

-6.62 Bln NZ

Forecast

Previous

-6.36 Bln NZ

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615429615429m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615429615429m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603609603609m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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