December 5, 2018 / 11:47 AM / 7 days ago

FACTBOX-OPEC history of oil output changes

    Dec 5 (Reuters) - The following are changes in oil output
limits by the Organization of the Petroleum Exporting Countries,
dating from efforts in the late 1990s to prop up prices.
    The last change was in June, when OPEC and 10 non-OPEC
countries agreed to return to 100 percent compliance with 
supply cuts that had been overdelivered on, amounting to a
production increase of 1 million barrels per day.
    Six months on, producers are heading for a policy U-turn
after a 30 percent slide in prices since October on concerns
about oversupply. OPEC and its allies including Russia meet on
Thursday and Friday in Vienna to discuss cutting output again.
    Volumes are in millions of barrels per day.
    
                 Venue agreed      Adjustment    Volume
April 1998       Riyadh            -1.355        25.95
July 1998        Amsterdam/Vienna  -1.255        24.69
April 1999       The Hague/Vienna  -1.716        22.97
April 2000       Vienna            +1.716        24.69
July 2000        Vienna            +0.708        25.40
October 2000     Vienna            +0.800        26.20
November 2000    Vienna            +0.500        26.70
February 2001    Vienna            -1.500        25.20
April 2001       Vienna            -1.000        24.20
September 2001   by phone          -1.000        23.20
January 2002     Cairo             -1.500        21.70
January 2003     Vienna            +1.300        23.00
February 2003    Vienna            +1.500        24.50
June 2003        Vienna            +0.900        25.40
November 2003    Vienna            -0.900        24.50
April 2004       Algiers           -1.000        23.50
July 2004        Beirut            +2.000        25.50
August 2004      Beirut            +0.500        26.00
November 2004    Vienna            +1.000        27.00
March 2005       Isfahan           +0.500        27.50
July 2005        Vienna            +0.500        28.00
November 2006    Doha              -1.200        26.30
February 2007    Abuja             -0.500        25.80
November 2007    Vienna            +0.500        27.25
September 2008   Vienna            -0.520        28.80
October 2008     Vienna            -1.500        27.30
December 2008    Oran              -2.200        24.84
December 2011    Vienna                          30.00
December 2015    Vienna            limit scrapped
September 2016   Algiers           -0.75        32.5-33*
November  2016   Vienna            -1.2         29.804**
June      2017   Vienna             n/a         29.982***
June      2018   Vienna            +1.00        29.982^  

*  Proposed OPEC supply cut and target
** Targets announced for 11 OPEC members amounting to a cut of
about 1.2 million bpd
*** Equatorial Guinea joined OPEC and received an output target
^  No new targets announced. Ministers said supply by the
participating OPEC and non-OPEC producers would rise by 1
million bpd. No OPEC-only increase was disclosed 

 (Reporting by Alex Lawler; Editing by Susan Fenton)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below