October 31, 2018 / 2:49 PM / 12 days ago

TABLE-OPEC oil output rises by 390,000 bpd in October - Reuters survey

    Oct 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 October and September,
according to a Reuters survey published on Wednesday.
    At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance
with supply 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 bpd. 
    The October survey indicates that output from the 12 OPEC members with supply reduction
targets under the deal rose by 180,000 bpd compared with September, while total OPEC output has
increased by 390,000 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 1.258 million bpd. Given the
pledged reductions total 1.176 million bpd, that equates to 107 percent compliance, compared
with a revised 122 percent in September.
    September's total was revised up by 70,000 bpd due to an upward adjustment in UAE output.   
                     October  September  Baseline  Pledged    Cut        Compliance  Implied
                     output   output     for cut   cut        achieved   (percent)*  2018 target
 Algeria             1.06     1.06       1.089     50,000       29,000   58          1.039
 Angola              1.53     1.50       1.751     78,000      221,000   283         1.673
 Ecuador             0.53     0.53       0.548     26,000       18,000   69          0.522
 Equatorial Guinea^  0.12     0.13       0.19      12,000       70,000   583         0.178
 Gabon               0.19     0.19       0.202     9,000        12,000   133         0.193
 Iran**              3.35     3.45       3.707     -90,000     357,000   n/a         3.797
 Iraq                4.65     4.62       4.561     210,000     -89,000   negative    4.351
 Kuwait              2.79     2.80       2.838     131,000      48,000   37          2.707
 Qatar               0.60     0.61       0.648     30,000       48,000   160         0.618
 Saudi Arabia        10.65    10.53      10.544    486,000    -106,000   negative    10.058
 UAE                 3.25     3.05 (R)   3.013     139,000    -237,000   negative    2.874
 Venezuela           1.18     1.25       2.067     95,000      887,000   934         1.972
 TOTAL OPEC 12       29.90    29.72 (R)  31.158    1,176,000  1,258,000  107         29.982
 Libya               1.22     1.05                                                   1
 Nigeria             1.88     1.85                                                   1.8
 TOTAL OPEC 14       33.00    32.62 (R)                                              32.782***
 Congo^^             0.31     0.30                                                   
 TOTAL OPEC 15       33.31    32.92(R)                                               
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus October 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 in Dubai; Editing by Dale Hudson)
  
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