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Oil in Global Economy Series: OPEC production at 29.8 million barrels in June

OPEC’s monthly report last week and its shows that OPEC, as a group remains over compliant with the agreement that was agreed upon back in November last year between OPEC and non-OPEC countries led by Russia.

The deal has been a key support for the oil bulls since it came into existence back in 2016. In the 2018 agreement, OPEC, along with Russia led non-OPEC countries agreed to reduce production by 1.2 million barrels per day.

WTI is currently trading at $60.4 per barrel and Brent at $6.7 per barrel premium to WTI.

 

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

May production
 (million barrel per day)

 

 

 

 

June production
 (million barrel per day)

Algeria

1.025

1.029

 

 

 

 

1.005

Angola

1.481

1.474

 

 

 

 

1.418

Congo

0.315

0.326

 

 

 

 

0.331

Ecuador

0.508

0.53

 

 

 

 

0.528

Equatorial Guinea

0.123

0.112

 

 

 

 

0.113

Gabon

0.181

0.214

 

 

 

 

0.208

Iran

N.A.

2.367

 

 

 

 

2.225

Iraq

4.512

4.745

 

 

 

 

4.718

Kuwait

2.724

2.71

 

 

 

 

2.69

Libya

N.A.

1.17

 

 

 

 

1.113

Nigeria

1.685

1.726

 

 

 

 

1.885

Saudi Arabia

10.311

9.687

 

 

 

 

9.813

UAE

3.072

3.060

 

 

 

 

3.083

Venezuela

N.A.

0.75

 

 

 

 

0.734

total

26.18

29.898

 

 

 

 

29.830

 

  • According to data from secondary resources, the OPEC has reached over-compliance with the 2018 agreement.
  • It is important to note that many of the members remain non-compliant, while Saudi Arabia reduced production by more than the target.
  • Iran production declining amid U.S. sanctions on Iran’s oil imports. 
  • Venezuela continues to see its production dwindling to a new low.
  • Libya and Nigeria’s production would be a key influencing factor for oil price going ahead.
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