June 30, 2020 / 2:00 PM / a month ago

TABLE-OPEC oil output falls by 1.92 million bpd in June, Reuters survey shows

    LONDON, June 30 (Reuters) - The following table shows crude output by the Organization of
the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in June and May,
according to a Reuters survey published on Tuesday.
    OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million
bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis.
OPEC's share of the cut is 6.084 million bpd.
    Compared with the levels from which they agreed to cut, based on their output in October
2018 in most cases, the 10 OPEC members bound by the deal have reduced production by 6.523
million bpd, equating to 107% compliance in June and up from a revised 77% in May.
    May output was revised down by 230,000 bpd mainly because production from the Gulf members
was lower than first thought.
    
    NOTES:    
                June    May       Baseline       Cut pledged  Cut        Target       Compliance
                output  output    for May 1 cut  from May 1   achieved   from May 1*  (%)**
 Algeria        0.81    0.88      1.057          241,000      247,000    816,000      102
 Angola         1.24    1.27      1.528          348,000      288,000    1,180,000    83
 Congo          0.31    0.32 (R)  0.325          74,000       15,000     251,000      20
 Eq. Guinea     0.1     0.1       0.127          29,000       27,000     98,000       93
 Gabon          0.2     0.2       0.187          43,000       -13,000    144,000      -30
 Iraq           4       4.25      4.653          1,061,000    653,000    3,592,000    62
 Kuwait         2.1     2.2 (R)   2.809          641,000      709,000    2,168,000    111
 Nigeria        1.53    1.75      1.829          417,000      299,000    1,412,000    72
 Saudi Arabia   7.55    8.5 (R)   11.000         2,508,000    3,450,000  8,492,000    138
 UAE            2.32    2.5 (R)   3.168          722,000      848,000    2,446,000    117
 TOTAL OPEC 10  20.16   21.97(R)  26.683         6,084,000    6,523,000  20,599,000   107
 Iran           1.9     1.92                                                          
 Libya          0.11    0.1                                                           
 Venezuela      0.45    0.55                                                          
 TOTAL OPEC 13  22.62   24.54(R)                                                      
    R = Revised
    Totals are rounded and may not add.
    * The column detailing commitments under the May 1 OPEC+ agreement are taken from an
internal OPEC document. The figures are not confirmed and have not been officially released.
    ** Compliance is calculated by the following method in the table above.
    Baseline for cut minus June output = cut achieved.
    Cut achieved divided by pledged cut = percentage compliance.
    Iran, Libya and Venezuela are exempt from making voluntary output cuts.
    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 crude output includes the Agbami
and Egina streams, and excludes Akpo condensate.

 (Reporting by Alex Lawler; Additional reporting by Rania El Gamal and Ahmad Ghaddar; Editing by
Edmund Blair)
  
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