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TABLE-OPEC oil output rises by 280,000 bpd in June - Reuters survey
June 30, 2017 / 1:57 PM / 6 months ago

TABLE-OPEC oil output rises by 280,000 bpd in June - Reuters survey

    June 30 (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in June and May, according to a Reuters survey published on Friday.
    In an effort to prop up prices, the Organization of the Petroleum Exporting Countries
started reducing output by about 1.2 million bpd on Jan. 1 in its first supply cut since 2008.
Nigeria and Libya were exempted from the curbs.
    The June survey indicates output from the 13 OPEC members originally part of the deal rose
by 280,000 bpd from May. But supply from the 11 members with production targets under the
original accord rose by only 40,000 bpd.
    Compared with the levels from which they agreed to cut, in most cases their October 2016
production, the 11 members have reduced output by 1.068 million bpd of the pledged 1.164 million
bpd. That equates to 92 percent compliance, from 95 percent in May.
    Equatorial Guinea joined OPEC with "immediate effect", OPEC said at the end of its May 25
meeting. Its production is added to the June OPEC total with May also included for comparison.
    Overall OPEC-13 May production was revised up by 70,000 bpd as changes were made to the
estimates for Iraq, Saudi Arabia and Nigeria.
    Totals in the table below are rounded.   
                     June    May output  Baseline  Pledged    Cut        Compliance  Jan. 1
                     output              for cut   cut        achieved   (pct)*      target 
 Algeria             1.07    1.07        1.089     50,000     19,000     38          1.039
 Angola              1.67    1.63        1.751     78,000     81,000     104         1.673
 Ecuador             0.53    0.53        0.548     26,000     18,000     69          0.522
 Gabon               0.19    0.2         0.202     9,000      12,000     133         0.193
 Iran**              3.78    3.77        3.707     -90,00     -73,000                3.797
 Iraq                4.40    4.43 (R)    4.561     210,000    161,000    77          4.351
 Kuwait              2.71    2.71        2.838     131,000    128,000    98          2.707
 Qatar               0.61    0.62        0.648     30,000     38,000     127         0.618
 Saudi Arabia        9.98    9.94 (R)    10.544    486,000    564,000    116         10.058
 UAE                 2.96    2.95        3.013     139,000    53,000     38          2.874
 Venezuela           2.00    2.01        2.067     95,000     67,000     71          1.972
 TOTAL OPEC 11       29.90   29.86       30.968    1,164,000  1,068,000  92          29.804
 Libya               0.82    0.73                                                    0.351
 Nigeria             1.85    1.70  (R)                                               1.594
 TOTAL OPEC 13       32.57   32.29 (R)                                               31.749***
 Equatorial          0.145   0.15                                                             
 Guinea****                                                                          
 TOTAL OPEC 14       32.715  32.44                                                            
    R = Revised
    * Compliance is calculated by the following method in the table above: 
    Baseline for cut minus June output = cut achieved
    Cut achieved divided by pledged cut  = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC target based on the 32.50 million bpd ceiling OPEC announced on Nov. 30, 2016,
minus Indonesia and using reference production figures listed in an internal OPEC document for
Libya and Nigeria.
    **** Equatorial Guinea is required to limit output but OPEC has not published a production
target for Equatorial Guinea or an updated overall target since it became an OPEC member.
    
    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 Oso and Akpo condensates. 

 (Reporting by Alex Lawler, with additional reporting by Rania El Gamal; Editing by Dale Hudson)
  

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