FACTBOX-OPEC members' compliance with output curbs

Mon Jan 12, 2009 7:54am GMT
 
Email | Print | | Single Page
[-] Text [+]
 (Adds Nigeria producing at 1.88 million bpd)
 Jan 12 (Reuters) - The Organization of the Petroleum
Exporting Countries agreed on Dec. 17 to cut output by a record
of 2.2 million barrels per day (bpd), taking its total
reduction since September to 4.2 million bpd, or about 5
percent of world supply.
 Find below details of how Reuters has reported each
countries' implementation of those cuts.
 For related story, click [ID:nT53507]
 Estimated output cut versus September production levels and
Jan. 1 quotes, in million bpd; for more details see
[ID:nLL461785]
 COUNTRY    CUT    TARGET   LATEST NEWS
 Algeria    0.20    1.20    To cut Feb oil exports            
  [ID:nWLA4329]
 Angola     0.24    1.52    Revises down Feb oil exports      
 [ID:nLU191013]
 Ecuador    0.07    0.43    Cuts private output to comply     
[ID:nN27269096]
 Iran       0.56    3.34    Makes deepest cut to Asia in years
  [ID:nSP43534]
 Kuwait     0.37    2.22    Joins OPEC peers with deeper oil
cuts   [ID:nT5886]
 Libya      0.25    1.47    Tells firms to cut output         
 [ID:nLT523760]
 Nigeria    0.32    1.67    Nig pres adviser says producing
1.88 mln bpd
  [ID:SGE000090]
 Qatar      0.12    0.73    Qatar keeps curbs on Feb Asia
supply [ID:nSP350760]
 Saudi Arabia 1.32  8.05    Saudi deepens Feb supply cuts to
Asia   [ID:nT3507]
 UAE        0.38    2.22    First to follow OPEC deal with
cuts
[ID:nT49666]
 Venezuela  0.36    1.99    Tells India's ONGC it must cut
output[ID:nSP351046]
 OPEC-11    4.2    24.84
 ALGERIA
 Date: Dec 31
 Required cut: 200,000 bpd
 Reported cut: Feb exports set to be cut by 5 percent or
more from Jan levels
 Source: Traders
 News: Algeria to cut Feb oil exports by 5 pct or more-trade
[ID:nWLA4329]
 ANGOLA
 Date: Dec 31
 Required cut: 240,000 bpd
 Reported cut: around 240,000 bpd or about down about 13
percent
 Source: Traders
 News: Angola revises Feb oil exports downwards -traders
[ID:nLU191013]
 ECUADOR
 Date: Dec 28
 Required cut: 70,000 bpd
 Reported cut: Ecuador 40,000 bpd; Private companies with
service contracts, including Italy's Eni unit Agip Oil, will
also have to reduce output
 Source: President Rafael Correa
 News: Ecuador to cut private output to comply with OPEC
[ID:nN27269096]
 IRAN
 Date: Jan 6
 Required cut: 560,000 bpd
 Reported cut: Cuts to at least two Asian customers by 14
pct for Jan
 Source: Traders
 News: Iran makes deepest Asia oil supply cut in years
[ID:nSP43534]
 KUWAIT
 Date: Jan 6
 Required cut: 370,000 bpd
 Reported cut: Term crude oil allocations loading from Jan.
22 to at least three Asian buyers were cut by 5 percent, it
also told the buyers it would continue to disallow the use of
"operational tolerance" on cargoes to load up to 5 percent
above term volumes on each cargo, a ban it first imposed in
late December.
 Source: Term buyers
 News: Kuwait joins OPEC peers with deeper oil supply cuts
[ID:nT5886]
 LIBYA
 Date: Dec 29
 Required cut: 250,000 bpd
 Reported cut: 270,000 bpd from Jan. 1
 Source: Libya's top oil official Shokri Ghanem
 News: Libya tells firms to cut output in line with OPEC
[ID:nLT523760]
 NIGERIA
 Date: Jan 12
 Required cut: 320,000 bpd
 Reported cut: 130,000 bpd
 Source: Special adviser to the president Emmanuel Egbogah
 News:  Nigeria is producing 1.88 million barrels per day of
crude oil after implementing recently agreed OPEC
cuts.[ID:nSGE000090]
 QATAR
 Date: Jan 5
 Required cut: 120,000 bpd
 Reported cut: Supplies of medium heavy Qatar Marine crude
will be cut by 6 percent from the full contracted volumes in
February, while supplies of lighter Qatar Land crude will be
cut by a smaller 3 percent, the sources at three Asian lifters
said.
 Last month, Qatar notified term lifters that it would cut
Qatar Land and Qatar Marine allocations for January by 5
percent from the contracted volumes.
 Source: Traders
 News: Qatar to keep curbs on Feb crude supplies to Asia
[ID:nSP350760]
 SAUDI ARABIA
 Date: Jan 9
 Required cut: 1.32 million
 Reported cut: Top crude exporter Saudi Arabia will deepen
its crude oil supply cuts in February from January to its Asian
consumers to their lowest in almost five years,  as it strives
to support oil prices.
 Source: customer sources
 News: Saudi Arabia to carry on cutting to stop oil slide
[ID:nT53507]
 UAE
 Date: Dec 25
 Required cut: 380,000 bpd
 Reported cut: Abu Dhabi National Oil Co (ADNOC) said in a
statement it would continue to supply its customers of Murban
crude with 15 percent less than normal contractual supplies, as
it did in December, while Upper Zakum supplies will be reduced
by 3 percent from the norm.
 ADNOC later said in a separate statement that it would cut
February Murban and Upper Zakum allocations by 15 percent, and
reduce Lower Zakum and Umm Shaif allocations by 10 percent
each.
 Source: ADNOC
 News: UAE first to follow OPEC deal with Jan oil cuts
[ID:nT49666]
 VENEZUELA
 Date: Dec 30
 Required cut: 360,000 bpd
 Reported cut: Venezuela has told India's Oil and Natural
Gas Corp (ONGC.BO) it will have to reduce output from their San
Cristobal oilfield joint venture.
 Source: ONGC source
 News: Venezuela tells India's ONGC it must cut output
[ID:nSP351046]
 Notes:
 OPEC member Iraq has no quota.
 Indonesia left OPEC at the end of 2008.
 *Includes 2 million bpd of existing cuts plus 2.2 million
bpd of new cuts agreed on Dec. 19 effective from Jan. 1.


 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives
Currency
US $ inGBP =0.6173
Euro inGBP =0.8594
¥en inGBP =0.0067

Most Popular on Reuters UK

  • Articles
  • Videos