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TABLE-OPEC oil output falls by 300,000 bpd in November - Reuters survey
December 4, 2017 / 4:34 PM / 10 days ago

TABLE-OPEC oil output falls by 300,000 bpd in November - Reuters survey

    LONDON, Dec 4 (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in November and October, according to a Reuters survey published on Monday.

    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 November survey indicates output from the 13 OPEC members originally part of the deal fell
by 300,000 bpd. Supply from the 11 members with production targets under the original accord fell by
230,000 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 1.298 million bpd of the pledged 1.164 million
bpd. That equates to 112 percent compliance, up from 92 percent in October.
    October's total was not revised.
    Equatorial Guinea joined OPEC in May.
    Totals in the table below are rounded.        
                        November  October  Baseline  Pledged     Cut achieved  Compliance  Jan. 1
                        output    output   for cut   cut                       (pct)*      target
 Algeria                1.02      1.04     1.089     50,000            69,000  138         1.039
 Angola                 1.60      1.70     1.751     78,000           151,000  194         1.673
 Ecuador                0.54      0.54     0.548     26,000             8,000  31          0.522
 Gabon                  0.20      0.20     0.202     9,000              2,000  22          0.193
 Iran**                 3.82      3.81     3.707     -90,000        -113,000               3.797
 Iraq                   4.33      4.38     4.561     210,000         231,000   110         4.351
 Kuwait                 2.70      2.70     2.838     131,000          138,000  105         2.707
 Qatar                  0.61      0.61     0.648     30,000            38,000  127         0.618
 Saudi Arabia           10.00     10.03    10.544    486,000          544,000  112         10.058
 UAE                    2.95      2.96     3.013     139,000           63,000  45          2.874
 Venezuela              1.90      1.93     2.067     95,000           167,000  176         1.972
 TOTAL OPEC 11          29.67     29.90    30.968    1,164,000     1,298,000   112         29.804
 Libya                  0.97      1.00                                                     0.351
 Nigeria                1.71      1.75                                                     1.594
 TOTAL OPEC 13          32.35     32.65                                                    31.749***
 Equatorial Guinea****  0.13      0.13                                                              
 TOTAL OPEC 14          32.48     32.78                                                             
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus November 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 Akpo condensate.    

 (Additional reporting by Rania El Gamal; Editing by David Evans)
  

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