August 30, 2019 / 3:19 PM / 21 days ago

TABLE-OPEC oil output rises by 80,000 bpd in August - Reuters survey

    LONDON, Aug 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 August and
July, according to a Reuters survey published on Friday.
    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 August survey indicates that total OPEC output rose by
80,000 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 1.104 million bpd. Given the pledged
reductions total 812,000 bpd, that equates to 136% compliance.
July compliance was 150%.
    July's estimate was revised up by a total of 110,000 bpd due
to new information about output in Iraq, Kuwait, Nigeria, Iran,
Libya and Venezuela. This meant July output was OPEC's lowest
since March 2014 according to Reuters estimates, rather than the
lowest since 2011 as initially estimated.    
                August  July output  Baseline   Pledged   Cut        Compliance  2019
                output               for cut    cut       achieved   (%)*        target***
 Algeria        1.03    1.030        1.057      32,000    27,000     84          1.025
 Angola         1.36    1.390        1.528      47,000    168,000    357         1.481
 Congo          0.34    0.340        0.325      10,000    -15,000    negative    0.315
 Ecuador        0.54    0.530        0.524      16,000    -16,000    negative    0.508
 Eq. Guinea     0.11    0.110        0.127      4,000     17,000     425         0.123
 Gabon          0.2     0.210        0.187      6,000     -13,000    negative    0.181
 Iraq           4.76    4.700(R)     4.653      141,000   -107,000   negative    4.512
 Kuwait         2.68    2.650(R)     2.809      85,000    129,000    152         2.724
 Nigeria        1.93    1.850(R)     1.738      53,000    -192,000   negative    1.685
 Saudi Arabia   9.63    9.650        10.633     322,000   1,003,000  311         10.311
 UAE            3.065   3.068        3.168      96,000    103,000    107         3.072
 TOTAL OPEC 11  25.645  25.528(R)    26.749     812,000   1,104,000  136         25.937
 Iran**         2.10    2.150(R)                                                 
 Libya**        1.13    1.100(R)                                                 
 Venezuela**    0.73    0.750(R)                                                 
 TOTAL OPEC 14  29.61   29.53(R)                                                 
    NOTES:
    R = Revised. Totals are rounded.
    *Compliance is calculated by the following method in the
table above.
    Baseline for cut minus August 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 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.

 (Additional reporting by Rania El Ghamal;
Editing by Edmund Blair)
  
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