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Oil in Global Economy Series: Platts’ survey suggests OPEC production up 40,000 barrels in December

Platts has released its December oil market production survey and it suggests that OPEC production is set for a rise in tune of 40,000 barrels per day in December compared to the November, 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 28,000 barrels decline compared to November.  Below are the production details of individual countries.

WTI is currently trading at $60.3 per barrel and Brent at $6.2 per barrel premium to WTI.

 

Target as per OPEC deal
 (million barrel per day)


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

 

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

Algeria

1.039

1.10

 

1.013

Angola

1.673

1.66

 

1.581

Ecuador

0.522

0.53

 

0.533

Gabon

0.193

0.21

 

0.197

Iran

3.797

3.69

 

3.818

Iraq

4.351

4.63

 

4.396

Kuwait

2.707

2.83

 

2.703

Qatar

0.618

0.64

 

0.604

Saudi Arabia

10.058

10.42

 

9.996

UAE

2.874

3.03

 

2.883

Venezuela

1.972

2.05

 

1.834

total

29.804

30.77

 

29.685

 

  • According to the survey, Libya produced around 0.64 million barrels per day in December and Nigeria produced 1.44 million barrels per day.
  • Total OPEC production for December was at 32.85 million barrels per day, compared to 32.45 million barrels per day production in November (based on OPEC report).

 

 

 

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