OPEC oil output falls by 110000 bpd in November -Reuters survey - The Libyan Report

OPEC oil output falls by 110000 bpd in November -Reuters survey

LONDON — The following table shows crude oil output by the Organization of

the Petroleum Exporting Countries in millions of barrels per day (bpd) in November and December,

according to a Reuters survey published on Friday.

OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce

supply by 1.2 million bpd in 2019. OPEC’s share of that cut is 800,000 bpd among the 11 members

participating in the deal.

The November survey indicates that total OPEC output fell by 110,000 bpd.

Compared with the levels from which they agreed to cut, which in most cases was October 2018

output, the 11 members have reduced production by 1.235 million bpd. Given the pledged

reductions total was 814,000 bpd, that equates to 152% compliance. October compliance was 135%.

October’s estimate was revised up by 90,000 bpd due to new information about output in Iran

and Ecuador.

November October Baseline Pledged Cut Compliance 2019

output output for cut cut achieved (%)* target***

Algeria 1.02 1.02 1.057 32,000 37,000 116 1.025

Angola 1.25 1.39 1.528 47,000 278,000 591 1.481

Congo 0.34 0.35 0.325 10,000 -15,000 negative 0.315

Ecuador 0.50 0.46 (R) 0.524 16,000 24,000 150 0.508

Eq. Guinea 0.12 0.11 0.127 4,000 7,000 175 0.123

Gabon 0.21 0.21 0.187 6,000 -23,000 negative 0.181

Iraq 4.62 4.65 4.653 141,000 33,000 23 4.512

Kuwait 2.72 2.65 2.809 85,000 89,000 105 2.724

Nigeria 1.91 1.93 1.829 55,000 -81,000 negative 1.774

Saudi Arabia 9.85 9.90 10.633 322,000 783,000 243 10.311

UAE 3.065 3.073 3.168 96,000 103,000 107 3.072

TOTAL OPEC 11 25.605 25.743 (R) 26.84 814,000 1,235,000 152 26.026

Iran** 2.10 2.10 (R)

Libya** 1.18 1.19

Venezuela** 0.68 0.65

TOTAL OPEC 14 29.57 29.68 (R)

NOTES:

(R) = Revised. Totals are rounded.

*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, Libya and Venezuela are exempt from making voluntary output cuts.

***Targets and pledged cuts apply from Jan. 1, 2019, and are as published on OPEC’s website

apart from a revised target for Nigeria which emerged in October 2019.

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 crude output is defined to include

the Agbami and Egina streams and exclude Akpo condensate.

(Reporting by Alex Lawler and Rania El Gamal, Editing by Editing by) source