November 29, 2019 / 2:04 PM / 15 days ago

TABLE-OPEC oil output falls by 110,000 bpd in November -Reuters survey

    LONDON, Nov 29 (Reuters) - The following table shows crude oil output by the Organization of
the Petroleum Exporting Countries in millions of barrels per day (bpd) in November and December,
according to a Reuters survey published on Friday. 
    OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce
supply by 1.2 million bpd in 2019. OPEC's share of that cut is 800,000 bpd among the 11 members
participating in the deal.
    The November survey indicates that total OPEC output fell by 110,000 bpd.
    Compared with the levels from which they agreed to cut, which in most cases was October 2018
output, the 11 members have reduced production by 1.235 million bpd. Given the pledged
reductions total was 814,000 bpd, that equates to 152% compliance. October compliance was 135%.
    October's estimate was revised up by 90,000 bpd due to new information about output in Iran
and Ecuador.    
                November    October    Baseline   Pledged     Cut        Compliance  2019
                 output      output    for cut    cut         achieved   (%)*        target***
 Algeria          1.02        1.02     1.057      32,000      37,000     116         1.025
 Angola           1.25        1.39     1.528      47,000      278,000    591         1.481
 Congo            0.34        0.35     0.325      10,000      -15,000    negative    0.315
 Ecuador          0.50      0.46 (R)   0.524      16,000      24,000     150         0.508
 Eq. Guinea       0.12        0.11     0.127      4,000       7,000      175         0.123
 Gabon            0.21        0.21     0.187      6,000       -23,000    negative    0.181
 Iraq             4.62        4.65     4.653      141,000     33,000     23          4.512
 Kuwait           2.72        2.65     2.809      85,000      89,000     105         2.724
 Nigeria          1.91        1.93     1.829      55,000      -81,000    negative    1.774
 Saudi Arabia     9.85        9.90     10.633     322,000     783,000    243         10.311
 UAE              3.065      3.073     3.168      96,000      103,000    107         3.072
 TOTAL OPEC 11   25.605    25.743 (R)  26.84      814,000     1,235,000  152         26.026
 Iran**           2.10      2.10 (R)                                                 
 Libya**          1.18        1.19                                                   
 Venezuela**      0.68        0.65                                                   
 TOTAL OPEC 14    29.57    29.68 (R)                                                 
    NOTES:
    (R) = Revised. Totals are rounded.
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus November output = cut achieved.
    Cut achieved divided by pledged cut = percentage compliance.
    **Iran, Libya and Venezuela are exempt from making voluntary output cuts.
    ***Targets and pledged cuts apply from Jan. 1, 2019, and are as published on OPEC's website
apart from a revised target for Nigeria which emerged in October 2019.
    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 is defined to include
the Agbami and Egina streams and exclude Akpo condensate.

 (Reporting by Alex Lawler and Rania El Gamal, Editing by Editing by)
  
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