FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Since November 2016, when OPEC members agreed to cut production for the first time since the Great Recession, to the tune of 1.76 million barrels per day, it became a cornerstone for the oil market and one the key factors for the recent bullish oil market.
The recent downside correction also suggests the same. The latest decline in oil price was triggered by President Trump’s pressure on Saudi Arabia to produce more.
WTI is currently trading at $70.8 per barrel and Brent at $3.5 per barrel premium to WTI.
|
|
Target as per OPEC deal |
May production |
|
|
|
June production |
|
Algeria |
1.039 |
1.031 |
|
|
|
1.039 |
|
Angola |
1.673 |
1.525 |
|
|
|
1.431 |
|
Ecuador |
0.522 |
0.519 |
|
|
|
0.519 |
|
Gabon |
0.193 |
0.189 |
|
|
|
0.190 |
|
Iran |
3.797 |
3.829 |
|
|
|
3.799 |
|
Iraq |
4.351 |
4.455 |
|
|
|
4.533 |
|
Kuwait |
2.707 |
2.701 |
|
|
|
2.731 |
|
Qatar |
0.618 |
0.585 |
|
|
|
0.603 |
|
Saudi Arabia |
10.058 |
9.987 |
|
|
|
10.42 |
|
UAE |
2.874 |
2.865 |
|
|
|
2.897 |
|
Venezuela |
1.972 |
1.392 |
|
|
|
1.34 |
|
total |
29.804 |
29.078 |
|
|
|
29.502 |
- According to data from secondary resources, the OPEC remains more than compliant with the agreement on an average production basis. However, the production has increased substantially in June.
- It is important to note that overall production from OPEC including the exempted members like Nigeria, and Libya rose for a third consecutive month and by 173,000 barrels per day In June compared to May.
- Venezuela saw another sharp drop in production to 1.34 million barrels per day.
- Libya and Nigeria produced 0.708 and 1.66 million barrels per day in June, respectively.
- Total 14-member OPEC production was at 32.33 million barrels per day in June, up 173,000 barrels from May.
