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Oil in Global Economy Series: Platts’ survey suggests OPEC production at 32.46 million barrels per day in January

Platts has released its January oil market production survey and it suggests that OPEC production is set for a rise in January compared to the December, including Nigeria and Libya. The gap is calculated based on Platts’ survey and secondary production data from OPEC. Data based on Platts’ survey, however, shows 60,000 barrels decline compared to December.  Below are the production details of individual countries.

WTI is currently trading at $60.6 per barrel and Brent at $3.8 per barrel premium to WTI.

 

Target as per OPEC deal
 (million barrel per day)


January production based on Platts’ survey
 (million barrel per day)

 

December production based on OPEC report
 (million barrel per day)

Algeria

1.039

1.04

 

1.037

Angola

1.673

1.61

 

1.633

Ecuador

0.522

0.52

 

0.526

Gabon

0.193

0.20

 

0.197

Iran

3.797

3.83

 

3.829

Iraq

4.351

4.41

 

4.405

Kuwait

2.707

2.71

 

2.7

Qatar

0.618

0.60

 

0.594

Saudi Arabia

10.058

9.99

 

9.918

UAE

2.874

2.86

 

2.878

Venezuela

1.972

1.64

 

1.745

total

29.804

29.41

 

29.462

 

  • According to the survey, Libya, produced around 0.98 million barrels per day in January and Nigeria produced 1.93 million barrels per day.
  • Total OPEC production for January was at 32.46 million barrels per day, compared to 32.416 million barrels per day production in December (based on OPEC report).

 

 

 

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