September 30, 2019 / 4:59 PM / 22 days ago

TABLE-OPEC oil output falls by 750,000 bpd in September -Reuters survey

    LONDON, Sept 30 (Reuters) - The following table shows crude oil output by the Organization
of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in September
and August, according to a Reuters survey published on Monday.
    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 September survey indicates that total OPEC output fell by 750,000 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 1.769 million bpd. Given the pledged
reductions total 812,000 bpd, that equates to 218% compliance. August compliance was 131%.
    August's estimate was revised upwards by a total of 40,000 bpd after new information on
output in Kuwait and Saudi Arabia. 
                September    August     Baseline  Pledged     Cut        Compliance  2019
                 output      output     for cut   cut         achieved   (%)*        target***
 Algeria          1.02        1.03      1.057     32,000      37,000     116         1.025
 Angola            1.4        1.36      1.528     47,000      128,000    272         1.481
 Congo            0.33        0.34      0.325     10,000.000  -5,000     negative    0.315
 Ecuador          0.54        0.54      0.524     16,000      -16,000    negative    0.508
 Eq. Guinea       0.11        0.11      0.127     4,000       17,000     425         0.123
 Gabon            0.21         0.2      0.187     6,000       -23,000    negative    0.181
 Iraq             4.67        4.76      4.653     141,000     -17,000    negative    4.512
 Kuwait           2.63      2.60 (R)    2.809     85,000      179,000    211         2.724
 Nigeria          1.95        1.93      1.738     53,000      -212,000   negative    1.685
 Saudi Arabia     9.05      9.75 (R)    10.633    322,000     1,583,000  492         10.311
 UAE              3.07        3.065     3.168     96,000      98,000     102         3.072
 TOTAL OPEC 11    24.98    25.685 (R)   26.749    812,000     1,769,000  218         25.937
 Iran**           2.07         2.1                                                   
 Libya**           1.2        1.13                                                   
 Venezuela**      0.65        0.73                                                   
 TOTAL OPEC 14    28.9      29.65(R)                                                 
    NOTES:
    (R) = Revised. Totals are rounded.
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus September 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.

 (Editing by David Goodman)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below