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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 |
|
|
December production based on OPEC report |
|
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.
