July 31, 2020 / 2:33 PM / 11 days ago

TABLE-OPEC oil output rises by 970,000 bpd in July - survey

    LONDON, July 31 (Reuters) - The following table shows crude
output by the Organization of the Petroleum Exporting Countries
(OPEC) in millions of barrels per day (bpd) in July and June,
according to a Reuters survey published on Friday.
    OPEC and its allies, a group known as OPEC+, agreed to cut
supply by a record 9.7 million bpd from May 1 to offset an oil
price and demand slump triggered by the coronavirus crisis.
OPEC's share of the cut is 6.084 million bpd.
    Compared with the levels from which they agreed to cut -
their output in October 2018, in most cases - the 10 OPEC
members bound by the deal have reduced production by 5.743
million bpd.
    Given the pledged reductions total 6.084 million bpd, that
equates to 94% compliance.
    June output was revised down by 270,000 bpd, as Iraqi,
Libyan and Venezuelan production was lower than first thought.
    The figures in the first three columns in the table are in
millions of barrels per day. 
       
                 July    June      Baseline   Cut pledged  Cut        Target*     Compliance
                 output  output    for cut    from May 1*  achieved               (%)**
 Algeria         0.81    0.81      1.057      241,000      247,000    816,000     102
 Angola          1.14    1.24      1.528      348,000      388,000    1,180,000   111
 Congo           0.3     0.31      0.325      74,000       25,000     251,000     34
 Eq. Guinea      0.1     0.1       0.127      29,000       27,000     98,000      93
 Gabon           0.2     0.2       0.187      43,000       -13,000    144,000     negative
 Iraq            3.88    3.8(R)    4.653      1,061,000    773,000    3,592,000   73
 Kuwait          2.16    2.1       2.809      641,000      649,000    2,168,000   101
 Nigeria         1.55    1.53      1.829      417,000      279,000    1,412,000   67
 Saudi Arabia    8.4     7.55      11.000     2,508,000    2,600,000  8,492,000   104
 UAE             2.4     2.32      3.168      722,000      768,000    2,446,000   106
 TOTAL OPEC 10   20.94   19.96(R)  26.683     6,084,000    5,743,000  20,599,000  94
 Iran            1.9     1.9                                                      
 Libya           0.11    0.1 (R)                                                  
 Venezuela       0.37    0.39(R)                                                  
 TOTAL OPEC 13   23.32   22.35(R)                                                 
    NOTES:
    R = Revised
    Totals are rounded and may not add.
   * These columns detailing commitments under the May 1 OPEC+
agreement are taken from an internal OPEC document. The figures
are not confirmed and have not been officially released.
    ** 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, Libya and Venezuela are exempt from making voluntary
output cuts.
    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
crude output includes the Agbami and Egina streams but excludes
Akpo condensate.

    
 (Additional reporting by Rania El Gamal and Ahmad Ghaddar;
Editing by Jan Harvey)
  
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