July 2, 2018 / 3:18 PM / 5 months ago

TABLE-OPEC oil output rises by 320,000 bpd in June - Reuters survey

    July 2 (Reuters) - The following table shows crude oil output by the Organization of the
Petroleum Exporting Countries in millions of barrels per day (bpd) in June and May, according to
a Reuters survey published on Monday.
    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 June survey indicates that output from the 12 OPEC members with supply reduction targets
under the deal rose by 680,000 bpd compared to May. Total OPEC output increased by 320,000 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 1.288 million bpd. Given the
pledged reductions total 1.176 million bpd, that equates to 110 percent compliance, down from
167 percent in May.
    Congo Republic joined OPEC with immediate effect at the June 22 meeting. The country will be
added to the Reuters survey from July.
    May's production total was not revised.       
                     June     May     Baseline  Pledged    Cut         Compliance  Implied 2018
                     output   output  for cut   cut        achieved    (pct)*      target
 Algeria             1.04     0.99    1.089     50,000       49,000    98          1.039
 Angola              1.42     1.50    1.751     78,000      331,000    424         1.673
 Ecuador             0.53     0.52    0.548     26,000       18,000    69          0.522
 Equatorial Guinea^  0.12     0.12    0.19      12,000       70,000    583         0.178
 Gabon               0.20     0.19    0.202     9,000         2,000    22          0.193
 Iran**              3.75     3.80    3.707     -90,000     -43,000    n/a         3.797
 Iraq                4.50     4.45    4.561     210,000      61,000    29          4.351
 Kuwait              2.70     2.70    2.838     131,000    138,000     105         2.707
 Qatar               0.61     0.60    0.648     30,000       38,000    127         0.618
 Saudi Arabia        10.70    10.00   10.544    486,000    -156,000    negative    10.058
 UAE                 2.87     2.87    3.013     139,000     143,000    103         2.874
 Venezuela           1.43     1.45    2.067     95,000      637,000    671         1.972
 TOTAL OPEC 12       29.87    29.19   31.158    1,176,000  1,288,000   110         29.982
 Libya               0.68     0.96                                                 1
 Nigeria             1.77     1.85                                                 1.8
 TOTAL OPEC 14       32.32    32.00                                                32.782***
   * Compliance is calculated by the following method in the table above:
    Baseline for cut minus June 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.
    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 David Evans)
  
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