March 29, 2017 / 2:54 PM / 5 months ago

TABLE-OPEC oil output falls more in March - Reuters survey

    March 29 (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in March and February, according to a Reuters survey published on Wednesday.

    The survey indicates output from all 13 members of the Organization of the Petroleum
Exporting Countries fell by 230,000 bpd in March from February's revised level.
    In an effort to prop up prices, OPEC started reducing its output by about 1.2 million bpd on
Jan. 1 in its first supply cut decision since 2008. 
    In March, supply from the 11 OPEC members with production targets under the deal has
averaged 29.86 million bpd, down from a revised 29.97 million bpd for February, the survey
showed.
    Compared with the levels from which they agreed to cut, in most cases their October output,
the 11 members have reduced output by 1.108 million bpd of the pledged 1.164 million bpd. That
equates to 95 percent compliance. The original February compliance estimate was 94 percent.
    February's production was revised up by 50,000 bpd because Saudi output was higher than
originally thought, while Nigerian production was lower.
    Totals in the table below are rounded.     
                March     February   Baseline  Pledged    Cut         Compliance  Jan. 1
                output    output     for cut   cut        Achieved    (pct)*      target 
 Algeria        1.07      1.08       1.089     50,000      19,000     38          1.039
                                                                                  
 Angola         1.61      1.66       1.751     78,000     141,000     181         1.673
                                                                                  
 Ecuador        0.53      0.53       0.548     26,000     18,000      69          0.522
                                                                                  
 Gabon          0.2       0.2        0.202     9,000       2,000      22          0.193
                                                                                  
 Iran**         3.77      3.76       3.707     -90,000    -63,000     n/a         3.797
                                                                                  
 Iraq           4.420     4.46       4.561     210,000    141,000     67          4.351
                                                                                  
 Kuwait         2.700     2.71       2.838     131,000    138,000     105         2.707
 Qatar          0.62      0.63       0.648     30,000     28,000      93          0.618
                                                                                  
 Saudi Arabia   9.98      9.90 (R)   10.544    486,000    564,000     116         10.058
                                                                                  
 UAE            2.90      2.980      3.013     139,000    113,000     81          2.874
                                                                                  
 Venezuela      2.06      2.06       2.067     95,000     7,000       7           1.972
                                                                                  
 TOTAL OPEC 11  29.86     29.97      30.968    1,164,000  1,108,000   95          29.804
                                                                                  
 Libya          0.60      0.67                                                    0.351
 Nigeria        1.55      1.60  (R)                                               1.594
 TOTAL OPEC 13  32.01     32.24 (R)                                               31.749***
    R = Revised
    * Compliance is calculated by the following method in the table above: 
    Baseline for cut minus March output = cut achieved
    Cut achieved divided by pledged cut  = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC target based on the 32.50 million bpd ceiling OPEC announced on Nov. 30, 2016,
minus Indonesia and using reference production figures listed in an internal OPEC document for
Libya and Nigeria.
    The Reuters survey aims to assess crude supply to market, defined to exclude movements to,
but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
    Venezuelan data includes upgraded synthetic oil. Nigerian output includes the Agbami stream
and excludes Oso and Akpo condensates.

 (Reporting by Alex Lawler, additional reporting by Rania El Gamal; Editing by Dale Hudson)
  

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