April 30, 2019 / 1:40 PM / in 3 months

TABLE-OPEC oil output falls by 90,000 bpd in April - survey

    LONDON, April 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 April and
March, according to a Reuters survey published on Tuesday.
    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 April survey indicates that output from the 11 OPEC members with supply-reduction
targets rose by 110,000 bpd from March, while total OPEC output dropped by 90,000 bpd.
    Compared with the levels from which they agreed to cut, which in most cases were October
2018 output, the 11 members have reduced production by 1.069 million bpd. Given the pledged
reductions total 812,000 bpd, that equates to 132 percent compliance.      
    March production was revised down by 80,000 bpd due to changes in the Kuwait and Saudi
estimates.   
                 April     March     Baseline   Pledged  Cut         Compliance    2019
                 output    output    for cut    cut      achieved    (pct)         target***
 Algeria         1.025   1.025       1.057      32,000   32,000      100           1.025
 Angola          1.42    1.45        1.528      47,000   108,000     230           1.481
 Congo           0.34    0.33        0.325      10,000   -15,000     negative      0.315
 Ecuador         0.53    0.53        0.524      16,000   -6,000      negative      0.508
 Eq. Guinea      0.12    0.13        0.127      4,000    7,000       175           0.123
 Gabon           0.20    0.20        0.187      6,000    -13,000     negative      0.181
 Iraq            4.53    4.50        4.653      141,000  123,000     87            4.512
 Kuwait          2.69    2.71(R)     2.809      85,000   119,000     140           2.724
 Nigeria         1.92    1.85        1.738      53,000   -182,000    negative      1.685
 Saudi Arabia    9.85    9.80(R)     10.633     322,000  783,000     243           10.311
 UAE             3.05    3.045       3.168      96,000   118,000     123           3.072
 TOTAL OPEC 11   25.68   25.57(R)    26.749     812,000  1,069,000   132           25.937
 Iran            2.60    2.75                                                      
 Libya           1.15    1.10                                                      
 Venezuela       0.80    0.90                                                      
 TOTAL OPEC 14   30.23   30.32(R)                                                  
    NOTES:
    Figures are rounded.
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus April 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 crude output is defined to include
the Agbami and Egina streams and exclude Akpo condensate.    

 (Additional reporting by Rania El Gamal; Editing by Dale Hudson)
  
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