July 30, 2018 / 2:09 PM / 4 months ago

TABLE-OPEC oil output rises by 70,000 bpd in July - Reuters survey

    July 30 (Reuters) - The following table shows crude oil output by the Organization of the
Petroleum Exporting Countries in millions of barrels per day (bpd) in July and June, 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 July survey indicates that output from the 12 OPEC members with supply reduction targets
under the deal rose by 60,000 bpd compared with June. Total OPEC output increased 70,000 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 1.308 million bpd. Given the
pledged reductions total 1.176 million bpd, that equates to 111 percent compliance, compared
with a revised 116 percent in June.
    Congo Republic joined OPEC with immediate effect at the June 22 meeting. The country has now
been added to the Reuters survey.
    June's production total was revised up by 250,000 bpd. Saudi supply to the market was
100,000 bpd lower than initially thought and UAE production was 20,000 bpd higher than first
estimated. Congo's production of 330,000 bpd was added.
                     July    June       Baseline  Pledged    Cut        Compliance  Implied 2010
                     output  output     for cut   cut        achieved   (percent)*  target
 Algeria             1.05    1.04       1.089     50,000       39,000   78          1.039
 Angola              1.36    1.42       1.751     78,000      391,000   501         1.673
 Ecuador             0.53    0.53       0.548     26,000       18,000   69          0.522
 Equatorial Guinea^  0.13    0.12       0.19      12,000      60,000    500         0.178
 Gabon               0.20    0.20       0.202     9,000         2,000   22          0.193
 Iran**              3.65    3.75       3.707     -90,000      57,000               3.797
 Iraq                4.54    4.50       4.561     210,000      21,000   10          4.351
 Kuwait              2.78    2.70       2.838     131,000     58,000    44          2.707
 Qatar               0.61    0.61       0.648     30,000       38,000   127         0.618
 Saudi Arabia        10.65   10.60 (R)  10.544    486,000    -106,000   negative    10.058
 UAE                 2.93    2.89  (R)  3.013     139,000      83,000   60          2.874
 Venezuela           1.42    1.43       2.067     95,000      647,000   681         1.972
 TOTAL OPEC 12       29.85   29.79      31.158    1,176,000  1,308,000  111         29.982
 Libya               0.65    0.68                                                   1
 Nigeria             1.82    1.77                                                   1.8
 TOTAL OPEC 14       32.32   32.24 (R)                                              32.782***
 Congo ^^            0.32    0.33                                                   
 TOTAL OPEC 15       32.64   32.57 (R)                                              
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus July 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. 

 (Editing by Louise Heavens)
  
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