Daily Energy Report

OPEC production cuts, US oil inventories, Iraq's deal with Total, wind energy shortcomings, Eu sanctions and Russian oil exports, electricity markets, and more

Chart of the Day: Who is cutting production?

Summary

Who is cutting production among OPEC members, and by how much? Figure (1) above shows the daily production on a monthly basis for the 13 members of OPEC ranked from the largest to the smallest since October 2022 when OPEC+ decided to cut the production ceiling by 2 mb/d. 

Since it is difficult to see the details of small producers when the difference between the smallest and the largest is about 10 mb/d, we posted the same chart after deleting Saudi Arabia and Iraq in Figure (2) below. Three countries are exempt from the quota, hence the production cuts: Iran and Venezuela because of the sanctions, and Libya because of political instability. That’s why you read “OPEC 10” in some media stories and analysts’ reports on the production of “OPEC 10”.  These are the 10 members that are subject to the quota.

EOA’s Main Takeaway