January 12, 2009 / 7:56 AM / 9 years ago

FACTBOX-OPEC members' compliance with output curbs

 (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.   

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