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OPEC’s monthly report was released yesterday and it shows that OPEC as a group has reached full compliance with the new 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 $51.9 per barrel and Brent at $9 per barrel premium to WTI.
|
|
Target as per 2019 OPEC deal |
May production |
|
|
|
April production |
|
Algeria |
1.025 |
1.029 |
|
|
|
1.023 |
|
Angola |
1.481 |
1.471 |
|
|
|
1.397 |
|
Congo |
0.315 |
0.320 |
|
|
|
0.337 |
|
Ecuador |
0.508 |
0.529 |
|
|
|
0.530 |
|
Equatorial Guinea |
0.123 |
0.114 |
|
|
|
0.112 |
|
Gabon |
0.181 |
0.211 |
|
|
|
0.188 |
|
Iran |
N.A. |
2.37 |
|
|
|
2.597 |
|
Iraq |
4.512 |
4.724 |
|
|
|
4.63 |
|
Kuwait |
2.724 |
2.71 |
|
|
|
2.697 |
|
Libya |
N.A. |
1.174 |
|
|
|
1.177 |
|
Nigeria |
1.685 |
1.733 |
|
|
|
1.825 |
|
Saudi Arabia |
10.311 |
9.69 |
|
|
|
9.766 |
|
UAE |
3.072 |
3.061 |
|
|
|
3.058 |
|
Venezuela |
N.A. |
0.741 |
|
|
|
0.776 |
|
total |
26.18 |
29.876 |
|
|
|
30.111 |
- According to data from secondary resources, the OPEC has reached over-compliance with the 2018 agreement.
- It is important to note that the majority 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.
