December 5, 2018 / 5:07 PM / 5 days ago

An OPEC return to 2016 oil quotas could mean a cut of 1.2 mln bpd

    By Alex Lawler
    LONDON, Dec 5 (Reuters) - If OPEC and its allies led by
Russia agree to reduce oil output next year by reverting to 2016
production quotas, it would imply an OPEC-only supply curb of at
least 1.2 million barrels per day (bpd), according to Reuters
calculations.
    Russia's TASS news agency, citing an OPEC source, reported
on Wednesday that this was one idea being discussed at this
week's meetings of the Organization of the Petroleum Exporting
Countries, Russia and other allies.
    If OPEC countries that in October 2018 were pumping above
2016 supply targets reduced output to the agreed levels and
members pumping below that quota kept production steady, the
total reduction would be 1.2 million bpd, the Reuters
calculations based on OPEC figures showed.
    The table below compares OPEC production in October 2018, as
reported in OPEC's Monthly Oil Market Report, with output levels
agreed in 2016. It excludes OPEC members Nigeria, Libya and
Congo Republic which did not have quotas set in 2016.           
                Oct 2018   2016 quota   Possible     Implied
                output     deal         2019 output  cut 
                Mln bpd    Mln bpd      Mln bpd      bpd
 Algeria            1.054        1.039        1.039      15,000
 Angola             1.533        1.673        1.533           0
 Ecuador            0.525        0.522        0.522       3,000
 Eq.Guinea          0.131        0.178        0.131           0
 Gabon              0.186        0.193        0.186           0
 Iran*              3.296        3.797        3.296           0
 Iraq               4.653        4.351        4.351     302,000
 Kuwait             2.764        2.707        2.707      57,000
 Qatar              0.609        0.618        0.609           0
 Saudi Arabia      10.630       10.058       10.058     572,000
 UAE                3.160        2.874        2.874     286,000
 Venezuela          1.171        1.972        1.171           0
 TOTAL OPEC 12     29.712       29.982       28.477   1,235,000
 
 (Editing by Edmund Blair)
  
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