November 30, 2018 / 3:55 PM / 15 days ago

TABLE-OPEC oil output falls by 160,000 bpd in November - Reuters survey

    Nov 30 (Reuters) - 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 October,
according to a Reuters survey published on Friday.
    OPEC and its partners meet on Dec. 6-7 in Vienna to discuss
cutting output for 2019, just months after agreeing to pump more
oil. For now, OPEC is seeking to reach 100 percent compliance
with supply cuts that took effect in January 2017, after months
of underproduction by countries including Venezuela and Angola. 
    The November survey indicates that output from the 12 OPEC
members with supply reduction targets under the deal fell by
110,000 bpd compared with October, while total OPEC output has
fallen by 160,000 bpd.
    Compared with levels from which they agreed to cut, which in
most cases was October 2016 output, the 12 members as a group
have reduced production by 1.408 million bpd. Given the pledged
reductions total 1.176 million bpd, that equates to 120 percent
compliance, compared with a revised 110 percent in October.
    October's total was revised lower by 40,000 bpd due to
adjustments in UAE and Kuwaiti output.
        
                     Nov.     Oct.       Baseline  Pledged    Cut        Compliance  Implied 
                     output   output     for cut   cut        achieved   (pct)       2018 target
 Algeria             1.06     1.06       1.089     50,000        29,000  58          1.039
 Angola              1.51     1.53       1.751     78,000       241,000  309         1.673
 Ecuador             0.52     0.53       0.548     26,000        28,000  108         0.522
 Equatorial Guinea^  0.12     0.12       0.19      12,000        70,000  583         0.178
 Gabon               0.2      0.19       0.202     9,000          2,000  22          0.193
 Iran**              2.85     3.35       3.707     -90,000      857,000  n/a         3.797
 Iraq                4.55     4.65       4.561     210,000       11,000  5           4.351
 Kuwait              2.75     2.73 (R)   2.838     131,000       88,000  67          2.707
 Qatar               0.61     0.60       0.648     30,000        38,000  127         0.618
 Saudi Arabia        11       10.65      10.544    486,000    -456,000   negative    10.058
 UAE                 3.35     3.27 (R)   3.013     139,000    -337,000   negative    2.874
 Venezuela           1.23     1.18       2.067     95,000      837,000   881         1.972
 TOTAL OPEC 12       29.75    29.86(R)   31.158    1,176,000  1,408,000  120         29.982
 Libya               1.2      1.22                                                   1
 Nigeria             1.84     1.88                                                   1.8
 TOTAL OPEC 14       32.79    32.96 (R)                                              32.782***
 Congo^^             0.32     0.31                                                   
 TOTAL OPEC 15       33.11    33.27(R)                                               
    * 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 2018 implied target based on the 32.50 million bpd
ceiling OPEC announced on Nov. 30, 2016, minus Indonesia, and
using Libya and Nigeria's figures for their expected 2018
production as given at Nov. 30, 2017 meeting.
    ^ OPEC in June 2018 published a production target for
Equatorial Guinea. Reuters has used this target (178,000 bpd)
and pledged cut given by an OPEC delegate (12,000 bpd) to
calculate a supply cut baseline of 190,000 bpd.
    ^^ Congo joined OPEC in June 2018. No production target was
disclosed.
    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. 

    
 (Editing by Edmund Blair)
  
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