OPEC Oil Production – Platts Survey – January 2017

OPEC production (in million b/d)

Member January Change December
Algeria
1.05
-0.05
1.10
Angola
1.63
-0.03
1.66
Ecuador
0.52
-0.01
0.53
Gabon
0.20
-0.01
0.21
Iran
3.72
0.03
3.69
Iraq
4.48
-0.15
4.63
Kuwait
2.70
-0.13
2.83
Libya
0.67
0.05
0.62
Nigeria
1.65
0.21
1.44
Qatar
0.62
-0.02
0.64
Saudi Arabia
9.98
-0.44
10.42
UAE
2.93
-0.10
3.03
Venezuela
2.01
-0.04
2.05
Total
32.16
-0.69
32.85

 

OPEC ministers on November 30 finalized a deal to cut 1.2 million b/d from October levels and hold production around 32.5 million b/d, beginning January 1 for six months.
The agreement exempts Libya and Nigeria, while allowing Iran a small increase in production.
Indonesia suspended its membership on November 30, 2016, but its output is being counted by OPEC under the production ceiling.
Non-OPEC producers led by Russia also agreed to cut output by 558,000 b/d in the first half of 2017, with Russia set to cut 300,000 b/d.
The committee in charge of monitoring the implementation of the proposed OPEC and non-OPEC production cut is to be co-chaired by representatives of Kuwait and Russia, and will also have representatives from Algeria, Venezuela and Oman.
The estimate for Iraq includes volumes from semi-autonomous Iraqi Kurdistan.

Full story from Platts here.

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