August 31, 2018 / 12:21 PM / 22 days ago

TABLE-OPEC oil output rises by 220,000 bpd in August - Reuters survey

    Aug 31 (Reuters) - The following table shows crude oil output by the Organization of the
Petroleum Exporting Countries in millions of barrels per day (bpd) in August and July, according
to a Reuters survey published on Friday.            
    At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance
with oil output cuts that took effect in January 2017, after months of underproduction by
countries including Venezuela and Angola. Saudi Arabia said the move would translate into an
output rise of around 1 million barrels per day (bpd). 
    The August survey indicates that output from the 12 OPEC members with supply reduction
targets under the deal actually fell by 30,000 bpd compared with July, while total OPEC output
increased 220,000 bpd.
    Compared with levels from which they agreed to cut, which in most cases was October 2016
output, the 12 members as a group have reduced production by 1.408 million bpd. Given the
pledged reductions total 1.176 million bpd, that equates to 120 percent compliance, compared
with a revised 117 percent in July.
    July's total was revised lower by 70,000 bpd. Saudi supply to the market was 250,000 bpd
lower than initially thought, while supply in Angola, Iran, Kuwait, Qatar and the UAE was higher
than first estimated.     
                     Aug     July       Baseline  Pledged    Cut        Compliance  Implied 2018
                     output  output     for cut   cut        achieved   (percent)*  target
 Algeria             1.06    1.05       1.089     50,000       29,000   58          1.039
 Angola              1.38    1.42 (R)   1.751     78,000      371,000   476         1.673
 Ecuador             0.53    0.53       0.548     26,000       18,000   69          0.522
 Equatorial Guinea^  0.13    0.13       0.19      12,000      60,000    500         0.178
 Gabon               0.20    0.20       0.202     9,000         2,000   22          0.193
 Iran**              3.55    3.70 (R)   3.707     -90,000     157,000   n/a         3.797
 Iraq                4.65    4.54       4.561     210,000    -89,000    negative    4.351
 Kuwait              2.80    2.80 (R)   2.838     131,000     38,000    29          2.707
 Qatar               0.62    0.62 (R)   0.648     30,000       28,000   93          0.618
 Saudi Arabia        10.48   10.40(R)   10.544    486,000      64,000   13          10.058
 UAE                 2.97    2.97 (R)   3.013     139,000      43,000   31          2.874
 Venezuela           1.38    1.42       2.067     95,000      687,000   723         1.972
 TOTAL OPEC 12       29.75   29.78(R)   31.158    1,176,000  1,408,000  120         29.982
 Libya               0.87    0.65                                                   1
 Nigeria             1.85    1.82                                                   1.8
 TOTAL OPEC 14       32.47   32.25(R)                                               32.782***
 Congo^^             0.32    0.32                                                   
 TOTAL OPEC 15       32.79   32.57(R)                                               
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus August 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 in June 2018 published a production target for Equatorial Guinea. Reuters has used
this target (178,000 bpd) and pledged cut given by an OPEC delegate (12,000 bpd) to calculate a
supply cut baseline of 190,000 bpd.
    ^^ Congo joined OPEC in June 2018. No production target was disclosed.
    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; Editing by David Evans)
  
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