April 4, 2018 / 1:33 PM / 8 months ago

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

    LONDON, April 4 (Reuters) - The following table shows OPEC crude oil output in millions of
barrels per day (bpd) in March and February, according to a Reuters survey published on
Wednesday.
    In an effort to prop up prices, the Organization of the Petroleum Exporting Countries
started reducing output by about 1.2 million bpd on Jan. 1, 2017, in its first supply cut since
2008. Nigeria and Libya, exempt from the curbs for 2017, told OPEC their output in 2018 would
not exceed 2017 levels.
    The March survey indicates that output from the 12 OPEC members with supply reduction
targets fell by 60,000 bpd compared to revised February output.
    Compared with levels from which they agreed to cut, which in most cases was October 2016
output, the 12 members have reduced production by 1.868 million bpd. Given the pledged
reductions total 1.176 million bpd, that equates to 159 percent compliance, up from a revised
154 percent in February.
    February's total was unchanged although estimates for Iraq, Qatar, Saudi Arabia and Libya
were revised.
    Totals in the table below are rounded.     
                    March     February  Baseline  Pledged    Cut         Compliance  Implied 
                    output    output    for cut   cut        achieved    (pct)*      target 2018
 Algeria            1.00      1.03      1.089     50,000        89,000   178         1.039
 Angola             1.51      1.60      1.751     78,000       241,000   309         1.673
 Ecuador            0.53      0.53      0.548     26,000        18,000   69          0.522
 Equatorial Guinea  0.13      0.13      0.14      12,000         10,000  83          0.128^
 Gabon              0.20      0.20      0.202     9,000          2,000   22          0.193
 Iran**             3.83      3.82      3.707     -90,000      -123,000              3.797
 Iraq               4.40      4.38 (R)  4.561     210,000      161,000   77          4.351
 Kuwait             2.70      2.70      2.838     131,000       138,000  105         2.707
 Qatar              0.61      0.58 (R)  0.648     30,000        38,000   127         0.618
 Saudi Arabia       9.90      9.94 (R)  10.544    486,000      644,000   133         10.058
 UAE                2.87      2.80      3.013     139,000      143,000   103         2.874
 Venezuela          1.56      1.59      2.067     95,000       507,000   534         1.972
 TOTAL OPEC 12      29.24     29.30     31.108    1,176,000  1,868,000   159         29.932
 Libya              0.97      1.03 (R)                                               1
 Nigeria            1.98      1.95                                                   1.8
 TOTAL OPEC 14      32.19     32.28                                                  32.732***
    R = Revised
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus March output = cut achieved
    Cut achieved divided by pledged cut = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC 2018 implied target based on the 32.50 million bpd ceiling OPEC announced on Nov.
30, 2016, minus Indonesia, and using Libya and Nigeria's figures for their expected 2018
production as given at Nov. 30, 2017 meeting.
    ^ OPEC has not published a production target for Equatorial Guinea. Reuters has used the
baseline given by the International Energy Agency and pledged cut by an OPEC delegate.
    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 Rania El Gamal in Dubai; Editing by Dale Hudson)
  
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