July 31, 2019 / 3:12 PM / 19 days ago

TABLE-OPEC oil output falls by 280,000 bpd in July - Reuters survey

    LONDON, July 31 (Reuters) - The following table shows crude oil output by the
Organization of the Petroleum Exporting Countries in millions of barrels per day (bpd) in
July and June, according to a Reuters survey published on Wednesday.
    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 July survey indicates that total OPEC output fell by 280,000 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 1.321 million bpd. Given
the pledged reductions total 812,000 bpd, that equates to 163% compliance.   
    June's estimate was revised up by 100,000 bpd as Iraq's production was higher than
initially thought. 
                  July      June     Baseline  Pledged   Cut         Compliance  2019
                 output    output    for cut   cut       achieved    (pct)*      target***
 Algeria         1.030      1.01     1.057     32,000    27,000      84          1.025
 Angola          1.390      1.4      1.528     47,000    138,000     294         1.481
 Congo           0.340      0.33     0.325     10,000    -15,000     negative    0.315
 Ecuador         0.530      0.53     0.524     16,000    -6,000      negative    0.508
 Eq. Guinea      0.110      0.11     0.127     4,000     17,000      425         0.123
 Gabon           0.210      0.2      0.187     6,000     -23,000     negative    0.181
 Iraq            4.600    4.65 (R)   4.653     141,000   53,000      38          4.512
 Kuwait          2.700      2.65     2.809     85,000    109,000     128         2.724
 Nigeria         1.800      1.86     1.738     53,000    -62,000     negative    1.685
 Saudi Arabia    9.650      9.8      10.633    322,000   983,000     305         10.311
 UAE             3.068     3.046     3.168     96,000    100,000     104         3.072
 TOTAL OPEC 11   25.428  25.586(R)   26.749    812,000   1,321,000   163         25.937
 Iran**          2.100      2.15                                                 
 Libya           1.190      1.22                                                 
 Venezuela       0.700      0.74                                                 
 TOTAL OPEC 14   29.418  29.696 (R)                                              
    NOTES:
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus July 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
    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 is defined to include
the Agbami and Egina streams and exclude Akpo condensate.

 (Additional reporting by Rania El Ghamal; Editing by Edmund Blair)
  
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