June 20, 2018 / 5:14 PM / 2 months ago

Factbox: OPEC history of oil output changes

(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 logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger

The last change occurred in November 2016, when OPEC and 10 non-OPEC countries agreed to cut output by a combined 1.8 million barrels per day from Jan. 1, 2017. OPEC’s share of the cut is about 1.2 million bpd and two members, Nigeria and Libya, were exempted.

OPEC and its allies meet on June 22-23 in Vienna and will discuss whether to ease the supply cut.

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 32.5-33.0 proposed

November 2016 Vienna 1.2 29.804 for OPEC 11****

June 2017 Vienna n/a 29.982 for OPEC 12^^

* benchmark for OPEC 10 output - all the then members except Iraq - as basis for Riyadh cuts.

^ OPEC production target implied by actual supply, not official ceiling.

~ Angola and Ecuador joined OPEC in 2007 and became included in the output ceiling as of January 2008, bringing the production ceiling to 29.67 million bpd.

** Then OPEC President Chakib Khelil said the group was cutting 520,000 bpd over the coming 40 days from actual production, as opposed to the notional target. The ceiling of 28.8 million bpd was adjusted to reflect Indonesia’s suspension of membership and to include Angola and Ecuador.

*** Target of 30 million bpd applied to all the then 12 members including Iraq, which was previously exempt.

**** Targets announced for 11 OPEC members, all except Libya and Nigeria, amounting to a cut of about 1.2 million bpd.

^^ Equatorial Guinea, which was already participating in the OPEC and non-OPEC supply cut deal, joined OPEC.

Reporting by Alex Lawler; Editing by Dale Hudson

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