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TABLE-OPEC oil output falls in April but compliance slips - Reuters survey
May 2, 2017 / 12:05 PM / 3 months ago

TABLE-OPEC oil output falls in April but compliance slips - Reuters survey

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    May 2 (Reuters) - The following table shows OPEC crude oil output in millions of barrels per
day (bpd) in April and March, according to a Reuters survey published on Tuesday.
    In an effort to prop up prices, the Organization of the Petroleum Exporting Countries
started reducing its output by about 1.2 million bpd on Jan. 1 in its first supply cut decision
since 2008. 
    The April survey indicates output from all 13 OPEC members fell by 80,000 bpd in April from
March's revised level.
    But supply from the 11 OPEC members with production targets under the deal has risen by
20,000 bpd from March's revised figure - the first increase since the deal took effect.
    Compared with the levels from which they agreed to cut, in most cases their October 2016
production, the 11 members have reduced output by 1.048 million bpd of the pledged 1.164 million
bpd. That equates to 90 percent compliance. Compliance in March was revised lower to 92 percent
from 95 percent.
    March production was revised 40,000 bpd higher. Saudi and Iraqi output was lower than
originally thought, while production in the United Arab Emirates was higher.
    Totals in the table below are rounded.   
                April   March      Baseline  Pledged    Cut        Compliance  Jan. 1
                        output     for cut   cut        achieved   (pct)*      target 
                output                                                         
 Algeria        1.07    1.07       1.089     50,000        19,000  38          1.039
 Angola         1.68    1.61       1.751     78,000        71,000  91          1.673
 Ecuador        0.53    0.53       0.548     26,000        18,000  69          0.522
 Gabon          0.20    0.20       0.202     9,000          2,000  22          0.193
 Iran**         3.78    3.77       3.707     -90,000     -73,000               3.797
 Iraq           4.40    4.440      4.561     210,000      161,000  77          4.351
 Kuwait         2.71    2.700      2.838     131,000      128,000  98          2.707
 Qatar          0.62    0.62       0.648     30,000        28,000  93          0.618
 Saudi Arabia   9.97    9.95 (R)   10.544    486,000      574,000  118         10.058
 UAE            2.94    2.95 (R)   3.013     139,000       73,000  53          2.874
 Venezuela      2.02    2.06       2.067     95,000        47,000  49          1.972
 TOTAL OPEC 11  29.92   29.90(R)   30.968    1,164,000  1,048,000  90          29.804
 Libya          0.55    0.6                                                    0.351
 Nigeria        1.5     1.55                                                   1.594
 TOTAL OPEC 13  31.97   32.05(R)                                               31.749***
    R = Revised
    * Compliance is calculated by the following method in the table above: 
    Baseline for cut minus April 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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