May 31, 2017 / 2:18 PM / 2 months ago

TABLE-OPEC oil output rises by 250,000 bpd in May - Reuters survey

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    May 31 (Reuters) - The following table shows OPEC crude oil
output in millions of barrels per day (bpd) in May and April,
according to a Reuters survey published on Wednesday.

    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. Nigeria and Libya were exempted from the cuts.
    The May survey indicates output from the 13 OPEC members
rose by 250,000 bpd from April. But supply from 11 members with
production targets under the deal has fallen by 60,000 bpd.
    Compared with the levels from which they agreed to cut, in
most cases their October 2016 production, the 11 members have
reduced output by 1.108 million bpd of the pledged 1.164 million
bpd. That equates to 95 percent compliance, up from 90 percent
in April.
    Overall April production was not revised, although small
changes were made to the estimates for Iraq and Saudi Arabia.
    Equatorial Guinea joined OPEC with "immediate effect," OPEC
said at the end of its May 25 meeting. Its production will be
included in the June survey.
    Totals in the table below are rounded.       
                 May     April     Baseline  Pledged     Cut achieved   Compliance  Jan. 1
                 output  output    for cut   cut                        (percent)*  target 
                                                                                    
 Algeria         1.07    1.07      1.089     50,000       19,000        38          1.039
 Angola          1.63    1.68      1.751     78,000       121,000       155         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    3.78      3.707     -90,000      -63,000                   3.797
 Iraq            4.39    4.42 (R)  4.561     210,000      171,000       81          4.351
 Kuwait          2.71    2.71      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    9.98    9.95 (R)  10.544    486,000      564,000       116         10.058
 UAE             2.95    2.94      3.013     139,000       63,000       45          2.874
 Venezuela       2.01    2.02      2.067     95,000        57,000       60          1.972
 TOTAL OPEC 11   29.860  29.92     30.968    1,164,000     1,108,000    95          29.804
 Libya           0.73    0.55                                                       0.351
 Nigeria         1.63    1.50                                                       1.594
 TOTAL OPEC 13   32.22   31.97                                                      31.749***
    R = Revised
    * Compliance is calculated by the following method in the
table above: 
    Baseline for cut minus May 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, with additional reporting by Rania
El Gamal; Editing by Edmund Blair)
  

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