February 28, 2017 / 6:01 PM / 6 months ago

TABLE-OPEC oil output falls more in February -Reuters survey

    Feb 28 (Reuters) - The following table shows OPEC crude oil output in millions of
barrels per day (bpd) in February and January, according to a Reuters survey published on
Tuesday. 
    The survey indicates output from all 13 members of the Organization of the Petroleum
Exporting Countries fell by 30,000 barrels per day in February from January's revised level.
    OPEC started reducing its output by about 1.20 million bpd on Jan. 1 in its first supply
cut decision since 2008 to prop up prices. Compliance with the cuts has risen to 94 percent
from an original January estimate of 82 percent.
    January's total was revised down by 50,000 bpd mainly because Saudi output was lower
than originally thought, while supply in the United Arab Emirates was higher.
    Totals in the table below are rounded.     
                February   January    Baseline  Pledged     Cut        Compliance  Jan. 1 
                output     output     for cut   cut         achieved   (pct)*      target
 Algeria        1.08       1.090(R)   1.089     50,000      9,000      18          1.039
 Angola         1.66       1.650      1.751     78,000      91,000     117         1.673
 Ecuador        0.53       0.530      0.548     26,000      18,000     69          0.522
 Gabon          0.2        0.200      0.202     9,000       2,000      22          0.193
 Iran**         3.76       3.730      3.707     -90,000     -53,000    n/a         3.797
 Iraq           4.46       4.510      4.561     210,000     101,000    48          4.351
 Kuwait         2.71       2.720      2.838     131,000     128,000    98          2.707
 Qatar          0.63       0.630      0.648     30,000      18,000     60          0.618
 Saudi Arabia   9.80       9.85(R)    10.544    486,000     744,000    153         10.058
 UAE            2.980      3.00(R)    3.013     139,000     33,000     24          2.874
 Venezuela      2.06       2.05       2.067     95,000      7,000      7           1.972
 TOTAL OPEC 11  29.87      29.96      30.968    1,164,000   1,098,000  94          29.804
 Libya          0.67       0.690                                                   0.351
 Nigeria        1.65       1.570                                                   1.594
 TOTAL OPEC 13  32.19      32.220(R)                                               31.749***
    R = Revised
    * Compliance is calculated by the following method in the table above: 
    Baseline For Cut minus February 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.
    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, additional reporting by Rania El Gamal; editing by David Evans)
  

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