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)