In November last year, member countries said that the deal to reduce 1.2 million barrels of supply from OPEC would come into effect in January this year and the data suggests almost full compliance with the deal. In the same statement, OPEC also declared that two countries, namely Nigeria and Libya are exempted from the deal and Indonesia is excluded since it is a net importer of crude oil. So it was up to the 11 members of OPEC, namely Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, UAE, and Venezuela to reduce the supply as targeted. From January, these members together were forecasted to produce about 29.804 million barrel of crude oil per day in order to comply with the deal.
Data shows that these members together in January produced 29.84 million barrels per day, which is a compliance of more than 90 percent. Below are the details of production
|
Target as per OPEC deal (million barrel per day) |
January production (million barrel per day) |
Algeria |
1.039 |
1.05 |
Angola |
1.673 |
1.63 |
Ecuador |
0.522 |
0.52 |
Gabon |
0.193 |
0.2 |
Iran |
3.797 |
3.72 |
Iraq |
4.351 |
4.48 |
Kuwait |
2.707 |
2.7 |
Qatar |
0.618 |
0.62 |
Saudi Arabia |
10.058 |
9.98 |
UAE |
2.874 |
2.93 |
Venezuela |
1.972 |
2.01 |
total |
29.804 |
29.84 |