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FACTBOX-History of OPEC oil production changes
May 26, 2016 / 11:57 AM / a year ago

FACTBOX-History of OPEC oil production changes

May 26 (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.

OPEC meets next week, June 2, to decide on production policy. It will be the first meeting attended by new Saudi Energy Minister Khalid al-Falih.

OPEC does not currently have a production target. At its December 2015 meeting, the group scrapped the previous limit of 30 million barrels per day (bpd) that had applied to all of its then 12 members for four years.

There are now 13 OPEC countries. Indonesia reactivated its OPEC membership at the same December 2015 meeting.

Volumes are in millions of barrels per day. Effective from Venue agreed Adjustment Volume February 1998* 27.30* 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 * 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 12 members including Iraq, which was previously exempt. (Reporting by Alex Lawler; Editing by Dale Hudson)

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