Tag Archives: Platts OPEC Survey

OPEC Oil Production – Platts Survey – May 2017

OPEC PRODUCTION (IN MILLION B/D)

Country May Change April
Algeria
1.06
0.02
1.04
Angola
1.64
-0.04
1.68
Ecuador
0.52
0
0.52
Gabon
0.21
0
0.21
Iran
3.78
0.01
3.77
Iraq
4.43
0.07
4.36
Kuwait
2.70
0
2.70
Libya
0.73
0.18
0.55
Nigeria
1.73
0.08
1.65
Qatar
0.61
0
0.61
Saudi Arabia
9.93 -0.04 9.97
UAE
2.84
0
2.84
Venezuela
1.94 -0.01 1.95
Total
32.12
0.27
31.85

OPEC PRODUCTION VS. CUT ALLOCATIONS (IN MILLION B/D)

Country Jan-May avg Allocation Over/under
Algeria
1.046
1.039
0.007
Angola
1.641
1.673
-0.032
Ecuador
0.520
0.522
-0.002
Gabon
0.204
0.193
0.011
Iran
3.758
3.797
-0.039
Iraq
4.415
4.351
0.064
Kuwait
2.702
2.707
-0.005
Libya
0.648
(exempt)
Nigeria
1.663
(exempt)
Qatar
0.614
0.618
-0.004
Saudi Arabia
9.948 10.058 -0.110
UAE
2.872
2.874
-0.002
Venezuela
1.971 1.972 -0.001
Send to Kindle

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.

Send to Kindle