OPEC+ crude oil production
Oil Market Report – April 2024
million barrels per day
| Feb 2024 Supply | Mar 2024 Supply | Mar Prod vs Target | Mar-2024 Implied Target1 | Sustainable Capacity2 | Eff Spare Cap vs Mar3 | |
|---|---|---|---|---|---|---|
| Algeria | 0.91 | 0.91 | 0.0 | 0.91 | 0.99 | 0.08 |
| Congo | 0.25 | 0.26 | -0.02 | 0.28 | 0.27 | 0.01 |
| Equatorial Guinea | 0.05 | 0.06 | -0.01 | 0.07 | 0.06 | 0.0 |
| Gabon | 0.22 | 0.24 | 0.07 | 0.17 | 0.22 | -0.02 |
| Iraq | 4.25 | 4.26 | 0.26 | 4.0 | 4.79 | 0.53 |
| Kuwait | 2.44 | 2.47 | 0.06 | 2.41 | 2.85 | 0.38 |
| Nigeria | 1.36 | 1.34 | -0.16 | 1.5 | 1.46 | 0.12 |
| Saudi Arabia | 8.99 | 9.02 | 0.04 | 8.98 | 12.11 | 3.09 |
| UAE | 3.22 | 3.22 | 0.31 | 2.91 | 4.28 | 1.06 |
| Total OPEC-94 | 21.69 | 21.78 | 0.56 | 21.22 | 27.03 | 5.26 |
| Iran5 | 3.23 | 3.25 | 3.8 | |||
| Libya5 | 1.16 | 1.16 | 1.23 | 0.07 | ||
| Venezuela5 | 0.86 | 0.86 | 0.85 | -0.01 | ||
| Total OPEC | 26.94 | 27.05 | 32.91 | 5.33 | ||
| Azerbaijan | 0.48 | 0.48 | -0.07 | 0.55 | 0.54 | 0.06 |
| Kazakhstan | 1.62 | 1.63 | 0.16 | 1.47 | 1.67 | 0.04 |
| Mexico6 | 1.6 | 1.61 | 1.63 | 0.02 | ||
| Oman | 0.76 | 0.76 | 0.0 | 0.76 | 0.85 | 0.09 |
| Russia | 9.41 | 9.42 | -0.03 | 9.45 | 9.78 | |
| Others 7 | 0.81 | 0.75 | -0.12 | 0.87 | 0.88 | 0.13 |
| Total Non-OPEC | 14.68 | 14.65 | -0.06 | 13.1 | 15.35 | 0.34 |
| OPEC+ 18 in Nov 2022 deal5 | 34.77 | 34.82 | 0.5 | 34.32 | 40.74 | 5.58 |
| Total OPEC+ | 41.62 | 41.7 | 48.25 | 5.66 |
1. Includes extra voluntary curbs where announced. 2. Capacity levels can be reached within 90 days and sustained for an extended period. 3. Excludes shut in Iranian, Russian crude. 4. Angola left OPEC effective 1 Jan 2024. 5. Iran, Libya, Venezuela exempt from cuts. 6. Mexico excluded from OPEC+ compliance. 7. Bahrain, Brunei, Malaysia, Sudan and South Sudan.
