January 31, 2019 / 12:31 PM / 16 days ago

TABLE-OPEC oil output falls by 890,000 bpd in January- Reuters survey

    Jan 31 (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 January and
December, according to a Reuters survey published on Thursday.
    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 January survey indicates that output from the 11 OPEC members with supply reduction
targets fell by 740,000 bpd from December, while total OPEC output dropped by 890,000 bpd.
    Compared with levels from which they agreed to cut, which in most cases was October 2018
output, the 11 members have reduced production by 569,000 bpd. Given the pledged reductions
total 812,000 bpd, that equates to 70 percent compliance.
    December's total was revised lower by 810,000 bpd because of adjustments in Iranian and
Libyan output and to strip out Qatar, which left OPEC this month.    
                January   Dec        Baseline  Pledged   Cut       Compliance  2019
                output    output     for cut   cut       achieved    (pct)*    target***
                                                                               
                                                                               
 Algeria        1.06      1.07       1.057     32,000    -3,000    negative    1.025
 Angola         1.45      1.47       1.528     47,000    78,000    166         1.481
 Congo          0.32      0.32       0.325     10,000    5,000     50          0.315
 Ecuador        0.52      0.52       0.524     16,000    4,000     25          0.508
 Eq. Guinea     0.12      0.12       0.127     4,000     7,000     175         0.123
 Gabon          0.19      0.19       0.187     6,000     -3,000    negative    0.181
 Iraq           4.65      4.70       4.653     141,000   3,000     2           4.512
 Kuwait         2.71      2.80       2.809     85,000    99,000    116         2.724
 Nigeria        1.84      1.89       1.738     53,000    -102,000  negative    1.685
 Saudi Arabia   10.25     10.60      10.633    322,000   383,000   119         10.311
 UAE            3.07      3.24       3.168     96,000    98,000    102         3.072
 TOTAL OPEC 11  26.18     26.92      26.749    812,000   569,000   70          25.937
 Iran**         2.75      2.80 (R)                                             
 Libya**        0.88      0.95 (R)                                             
 Venezuela**    1.17      1.20                                                          
 TOTAL OPEC 14  30.98     31.87 (R)                                            
    NOTES:
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus January 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 includes the Agbami stream
and excludes Akpo condensate.

 (Additional reporting by Ahmad Ghaddar and Rania El Gamal
Editing by David Goodman
)
  
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