FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Reuters has released its May OPEC oil market production survey and it suggests that OPEC production is set for an increase to the tune of 320,000 barrels per day in June compared to the revised May production data (Reuters). Below are the production details of individual countries.
WTI is currently trading at $74.7 per barrel and Brent at $3.2 per barrel premium to WTI.
|
|
Target as per OPEC deal |
|
|
June production based on Reuters’ report |
|
Algeria |
1.039 |
0.99 |
|
1.04 |
|
Angola |
1.673 |
1.5 |
|
1.42 |
|
Ecuador |
0.522 |
0.52 |
|
0.53 |
|
Equatorial Guinea |
0.128 |
0.13 |
|
0.12 |
|
Gabon |
0.193 |
0.19 |
|
0.20 |
|
Iran |
3.797 |
3.80 |
|
3.75 |
|
Iraq |
4.351 |
4.45 |
|
4.50 |
|
Kuwait |
2.707 |
2.70 |
|
2.70 |
|
Qatar |
0.618 |
0.60 |
|
0.61 |
|
Libya |
N.A. |
0.96 |
|
0.68 |
|
Nigeria |
N.A. |
1.85 |
|
1.77 |
|
Saudi Arabia |
10.058 |
10 |
|
10.7 |
|
UAE |
2.874 |
2.87 |
|
2.87 |
|
Venezuela |
1.972 |
1.45 |
|
1.43 |
|
total |
29.804 |
32.00 |
|
32.32 |
- 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 May, excluding Iraq, which has been the biggest cheater so far.
- Reuters; survey suggest that the production is up by 320,000 barrels per day in June compared to revised Reuters’ numbers for May.
- Venezuela’s compliance has hit 671 percent as ongoing economic crisis leads to sharp decline in production.
- According to the survey, 14 member production at 32.32 million barrels per day. Two exempted members; Libya produced around 0.68 million barrels per day, while Nigeria produced 1.77 million barrels per day.
- Both the countries are experiencing a continued drop in production as fierce political and arms battles continue to take control of the countries’ oil.
