Overnight Market Review (2022.9.13) In the August production cut agreement, the most lagging countries are Nigeria (1.1 million barrels/day, target 1.826 million barrels/day) and Angola (1.187 million barrels/day, target 1.525 million barrels/day) sky). Iraqi production also fell by 126,000 barrels per day in August.
While still under its set output target, OPEC has managed to raise output every month since May, although not one of those months has been able to complete its full output allocation.
OPEC’s MOMR showed that Russia’s oil production rose by 36,000 bpd in July to 11.1 million bpd. But OPEC’s preliminary forecast for Russia’s August crude and condensate output is for its average output to fall by 71,000 barrels per day to 9.8 million barrels, with liquefied natural gas output falling by 119,000 barrels per day.
Trading strategy deployment: it is recommended to go short at high levels
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