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Oil in Global Economy Series: OPEC Production down by 797,000 barrels in January

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.

And late last year, OPEC once again struck a deal along with Russia, which would reduce global oil supplies by 1.2 million barrels per day.

The price actions also suggest the same whenever news on the agreement hits the market. The latest decline in oil price was triggered by increasing oil supplies in the market and a weaker outlook for global demand. However, oil price halted decline as OPEC+ reached the above agreement.

WTI is currently trading at $58 per barrel and Brent at $9.4 per barrel premium to WTI.

 

Target as per 2019 OPEC deal
 (million barrel per day)

January production
 (million barrel per day)

 

 

 

February production
 (million barrel per day)

Algeria

1.025

1.024

 

 

 

1.026

Angola

1.481

1.435

 

 

 

1.457

Congo

0.315

0.317

 

 

 

0.316

Ecuador

0.508

0.517

 

 

 

0.522

Equatorial Guinea

0.123

0.112

 

 

 

0.126

Gabon

0.181

0.197

 

 

 

0.203

Iran

N.A.

2.731

 

 

 

2.743

Iraq

4.512

4.702

 

 

 

4.633

Kuwait

2.724

2.723

 

 

 

2.709

Libya

N.A.

0.883

 

 

 

0.906

Nigeria

1.685

1.731

 

 

 

1.741

Saudi Arabia

10.311

10.172

 

 

 

10.087

UAE

3.072

3.075

 

 

 

3.072

Venezuela

N.A.

1.15

 

 

 

1.008

total

26.18

30.77

 

 

 

30.549

 

  • According to data from secondary resources, the OPEC is close to full compliance with the new production agreement thanks to higher cuts by Saudi Arabia, and Kuwait.
  • It is important to note that the majority of the members remain non-compliant.
  • Venezuela continues to see its production dwindling. In January, the production declined to just 1 million barrels per day.
  • ET PRO
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