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Oil in Global Economy Series: Reuters’ survey suggests OPEC compliance at 138 percent in January

Reuters has released its January oil market production survey and it suggests that OPEC production is set for a decline in the tune of 85,000 barrels per day in January compared to the December. Below are the production details of individual countries.

WTI is currently trading at $64.7 per barrel and Brent at $4.1 per barrel premium to WTI.

Target as per OPEC deal
(million barrel per day)


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

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

Algeria

1.039

1.05

1.037

Angola

1.673

1.63

1.633

Ecuador

0.522

0.53

0.526

Gabon

0.193

0.20

0.197

Iran

3.797

3.83

3.829

Iraq

4.351

4.39

4.405

Kuwait

2.707

2.7

2.7

Qatar

0.618

0.61

0.594

Saudi Arabia

10.058

9.95

9.918

UAE

2.874

2.87

2.878

Venezuela

1.972

1.62

1.745

total

29.804

29.37

29.462

  • According to data from Reuters, 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 January, except for Iraq, which has been the biggest cheater so far.
  • Data suggests that 11 countries have reduced production more than required.
  • Reuters; survey suggest that the production is down by 92,000 barrels per day in January compared to secondary OPEC numbers for December.
  • The compliance is calculated at 138 percent. Venezuela’s compliance has hit 492 percent as ongoing economic crisis leads to sharp decline in prices.
  • According to the survey, 13 member production at 32.17 million barrels per day. Libya produced around 0.94 million barrels per day, while Nigeria produced 1.86 million barrels per day.

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