January 31, 2020 / 4:56 PM / 19 days ago

TABLE-OPEC oil output plunges by 640,000 bpd in January -Reuters survey

    LONDON, 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 Friday.
 
    A new production cut agreement by OPEC and allies including Russia started on Jan.
1. The deal deepens an existing supply curb of 1.2 million barrels per day by 500,000
bpd. OPEC's share of the 1.7 million bpd cut is 1.17 million bpd.
    The January survey indicates that total OPEC output fell by 640,000 bpd from
December.
    Compared with the levels from which they agreed to cut, which in most cases was
October 2018 output, 10 OPEC members have reduced production by 1.556 million bpd. Given
the pledged reductions total 1.17 million bpd, that equates to 133% compliance. In
December, compliance with the previous agreement was 158%.
    Ecuador quit OPEC at the end of 2019. The country has been removed from December's
total so as to more easily compare production by the remaining 13 members. OPEC members
Iran, Libya and Venezuela did not participate in the agreement to cut production.    
                January  December  Baseline   Total cut   Cut        Compliance  Implied
                output   output    for cut    pledged***  achieved       (%)*    target^
                                                                                 
 Algeria        1.01     1.02      1.057      44,000      47,000     107         1.013
 Angola         1.38     1.40      1.528      47,000      148,000    315         1.481
 Congo          0.33     0.34      0.325      14,000      -5,000     negative    0.311
 Eq. Guinea     0.12     0.12      0.127      5,000       7,000      140         0.122
 Gabon          0.21     0.21      0.187      8,000       -23,000    negative    0.179
 Iraq           4.53     4.57      4.653      191,000     123,000    64          4.462
 Kuwait         2.67     2.71      2.809      140,000     139,000    99          2.669
 Nigeria        1.8      1.83      1.829      76,000      29,000     38          1.753
 Saudi Arabia   9.72     9.80      10.633     489,000     913,000    187         10.144
 UAE            2.99     3.04      3.168      156,000     178,000    114         3.012
 TOTAL OPEC 10  24.76    25.04     26.316     1,170,000   1,556,000  133         25.146
 Iran**         2.08     2.08                                                    
 Libya**        0.76     1.15                                                    
 Venezuela**    0.75     0.72                                                    
 TOTAL OPEC 13  28.35    28.99                                                   
    NOTES:
    Totals are rounded and may not add.
    * 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.
    *** Pledged cuts apply from Jan. 1, 2020 and are the sum of figures given by OPEC on
its website apart from a revised target for Nigeria which emerged in October 2019.
    ^OPEC did not issue a list of quotas. Implied target is a Reuters calculation based
on figures OPEC gave for pledged cuts and the baseline from which to apply them.
    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.

 (Reporting by Alex Lawler 
Additional reporting by Rania El Gamal, Editing by Susan Fenton)
  
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