FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Platts has released its November oil market production survey and it suggests that OPEC production is set for a decline in the tune of 24,000 barrels per day in November compared to the October. Below are the production details of individual countries.
WTI is currently trading at $57 per barrel and Brent at $5.6 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
October production based on OPEC report |
|
Algeria |
1.039 |
1.01 |
|
1.012 |
|
Angola |
1.673 |
1.61 |
|
1.711 |
|
Ecuador |
0.522 |
0.53 |
|
0.541 |
|
Gabon |
0.193 |
0.19 |
|
0.203 |
|
Iran |
3.797 |
3.80 |
|
3.823 |
|
Iraq |
4.351 |
4.35 |
|
4.383 |
|
Kuwait |
2.707 |
2.70 |
|
2.708 |
|
Qatar |
0.618 |
0.60 |
|
0.6 |
|
Saudi Arabia |
10.058 |
9.97 |
|
10 |
|
UAE |
2.874 |
2.86 |
|
2.911 |
|
Venezuela |
1.972 |
1.80 |
|
1.863 |
|
total |
29.804 |
29.42 |
|
29.755 |
- According to data from Platts, the OPEC is fully and more than compliant with the agreement on an average production basis.
- Almost all countries are compliant with the deal in November, including Iraq, which has been the biggest cheater so far.
- According to the survey, Libya produced around 0.95 million barrels per day in November and Nigeria produced 1.84 million barrels per day.
- Total OPEC production for November was at 32.35 million barrels per day, down 23,900 barrels from October.
