October 31, 2019 / 3:44 PM / 15 days ago

TABLE-OPEC oil output rises by 690,000 bpd in October -Reuters survey

    LONDON, Oct 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 October and
September, according to a Reuters survey published on Thursday. 
    OPEC, Russia and other non-members - an alliance known as OPEC+ - agreed in December to
reduce supply by 1.2 million bpd in 2019. OPEC's share of that cut is 800,000 bpd among the 11
members participating in the deal.
    The October survey indicates that total OPEC output rose by 690,000 bpd.
    Compared with the levels from which they agreed to cut, which in most cases was October 2018
output, the 11 members have reduced production by 1.137 million bpd. Given the pledged
reductions total 814,000 bpd, that equates to 140% compliance. September compliance was 222%.
    September's estimate was revised upwards by a total of 30,000 bpd due to new information on
output in Iraq.     
                October  September  Baseline   Pledged     Cut         Compliance  2019
                output    output    for cut    cut         achieved    (%)         target***
 Algeria         1.02      1.03     1.057      32,000      37,000      116         1.025
 Angola          1.39      1.41     1.528      47,000      138,000     294         1.481
 Congo           0.35      0.33     0.325      10,000      -25,000     negative    0.315
 Ecuador         0.42      0.54     0.524      16,000      104,000     650         0.508
 Eq. Guinea      0.11      0.11     0.127      4,000       17,000      425         0.123
 Gabon           0.21      0.21     0.187      6,000       -23,000     negative    0.181
 Iraq            4.65      4.70(R)  4.653      141,000     3,000       2           4.512
 Kuwait          2.65      2.63     2.809      85,000      159,000     187         2.724
 Nigeria         1.93      1.95     1.829      55,000      -101,000    negative    1.774
 Saudi Arabia    9.90      9.05     10.633     322,000     733,000     228         10.311
 UAE             3.073     3.07     3.168      96,000      95,000      99          3.072
 TOTAL OPEC 11  25.703     25.03    26.84      814,000     1,137,000   140         26.026
 Iran**          2.05      2.07                                                    
 Libya**         1.19      1.20                                                    
 Venezuela**     0.65      0.60                                                    
 TOTAL OPEC 14  29.593   28.90 (R)                                                 
    NOTES:
    (R) = Revised. Totals are rounded.
    *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, Libya and Venezuela are exempt from making voluntary output cuts.
    ***Targets and pledged cuts apply from Jan. 1, 2019, and are as published on OPEC's website.
The October survey includes a revised target for Nigeria which emerged in October 2019.
    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 is defined to include the
Agbami and Egina streams and exclude Akpo condensate.

 (Editing by Lisa Shumaker)
  
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