February 28, 2018 / 4:02 PM / in 8 months

TABLE-OPEC oil output falls 70,000 bpd in February - Reuters survey

    LONDON, Feb 28 (Reuters) - The following table shows OPEC crude oil output in millions of
barrels per day (bpd) in February and January, according to a Reuters survey published on
Wednesday.
    In an effort to prop up prices, the Organization of the Petroleum Exporting Countries
started reducing output by about 1.2 million bpd on Jan. 1, 2017, in its first supply cut since
2008. Nigeria and Libya, exempt from the curbs for 2017, told OPEC their output in 2018 would
not exceed 2017 levels.
    The February survey indicates that output from the 12 OPEC members with supply reduction
targets fell by 60,000 bpd compared to revised January output.
    Compared with levels from which they agreed to cut, which in most cases was October 2016
output, the 12 members have reduced production by 1.748 million bpd. Given the pledged
reductions total 1.176 million bpd, that equates to 149 percent compliance, up from a revised
144 percent in January.
    January's total was revised lower by 50,000 bpd.
    Totals in the table below are rounded.         
                    February  January   Baseline  Pledged    Cut        Compliance  Implied 
                    output    output    for cut   cut        achieved   (pc)*       2018 target
 Algeria            1.03      1.02 (R)  1.089     50,000       59,000   118         1.039
 Angola             1.60      1.61      1.751     78,000      151,000   194         1.673
 Ecuador            0.53      0.53      0.548     26,000      18,000    69          0.522
 Equatorial Guinea  0.13      0.14      0.14      12,000      10,000    83          0.128^
 Gabon              0.20      0.20      0.202     9,000        2,000    22          0.193
 Iran**             3.82      3.82      3.707     -90,000    -113,000               3.797
 Iraq               4.35      4.36      4.561     210,000     211,000   100         4.351
 Kuwait             2.70      2.70      2.838     131,000     138,000   105         2.707
 Qatar              0.61      0.61      0.648     30,000       38,000   127         0.618
 Saudi Arabia       10.00     9.98 (R)  10.544    486,000     544,000   112         10.058
 UAE                2.80      2.85 (R)  3.013     139,000     213,000   153         2.874
 Venezuela          1.59      1.60      2.067     95,000      477,000   502         1.972
 TOTAL OPEC 12      29.36     29.42(R)  31.108    1,176,000  1,748,000  149         29.932
 Libya              0.97      1.00 (R)                                              1
 Nigeria            1.95      1.93                                                  1.8
 TOTAL OPEC 14      32.28     32.35(R)                                              32.732***
    R = Revised
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus February output = cut achieved
    Cut achieved divided by pledged cut = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC 2018 implied target based on the 32.50 million bpd ceiling OPEC announced on Nov.
30, 2016, minus Indonesia, and using Libya and Nigeria's figures for their expected 2018
production as given at Nov. 30, 2017 meeting.
    ^ OPEC has not published a production target for Equatorial Guinea. Reuters has used the
baseline given by the International Energy Agency and pledged cut by an OPEC delegate.
    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 Akpo condensate.   

 (Editing by Dale Hudson)
  
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