January 3, 2019 / 3:57 PM / 21 days ago

TABLE-OPEC oil output falls by 460,000 bpd in December - Reuters survey

    Jan 3 (Reuters) - The following table shows crude oil output by the Organization of the
Petroleum Exporting Countries in millions of barrels per day (bpd) in December and November,
according to a Reuters survey published on Thursday.
    OPEC and its partners agreed in December to cut output in 2019, just months after agreeing to
pump more oil. In December, producers such as top exporter Saudi Arabia were already reducing
supplies ahead of the new agreement, which started on Jan. 1.
    The December survey indicates that OPEC output - including Qatar, which has now left the
group - fell by 460,000 bpd month-on-month.
    November's total was revised up by 30,000 bpd due to adjustments in Kuwaiti and Iranian
output.     
                Dec     Nov     Baseline  Pledged    Cut         Compliance  2018       2019
                output  output  for cut   cut        achieved    (pct)*      target***  target***
 Algeria        1.07    1.06    1.089     50,000     19,000      38          1.039      1.025
 Angola         1.47    1.51    1.751     78,000     281,000     360         1.673      1.481
 Ecuador        0.52    0.52    0.548     26,000     28,000      108         0.522      0.508
 Eq. Guinea     0.12    0.12    0.19      12,000     70,000      583         0.178      0.123
 Gabon          0.19    0.2     0.202     9,000      12,000      133         0.193      0.181
 Iran**         2.85    2.90    3.707     -90,000    857,000     n/a         3.797      n/a
 Iraq           4.70    4.55    4.561     210,000    -139,000    negative    4.351      4.512
 Kuwait         2.80    2.73    2.838     131,000    38,000      29          2.707      2.724
 Qatar^         0.61    0.61    0.648     30,000     38,000      127         0.618      n/a
 Saudi Arabia   10.60   11      10.544    486,000    -56,000     negative    10.058     10.311
 UAE            3.24    3.35    3.013     139,000    -227,000    negative    2.874      3.072
 Venezuela**    1.20    1.23    2.067     95,000     867,000     913         1.972      n/a
 TOTAL OPEC 12  29.37   29.78   31.158    1,176,000  1,788,000   152         29.982     
 Libya**        1.10    1.20                                                 1          n/a
 Nigeria        1.89    1.84                                                 1.8        1.685
 TOTAL OPEC 14  32.36   32.82                                                32.782     
 Congo**        0.32    0.32                                                            0.315
 TOTAL OPEC 15  32.68   33.14                                                           
    NOTES:
    * The table above lists compliance with the 2018 deal, which still technically applied in
December. It is calculated by the following method:
    Baseline for cut minus December output = cut achieved
    Cut achieved divided by pledged cut = percentage compliance
    ** Iran, allowed a small increase in the 2018 deal, is exempt in 2019. Libya and Venezuela
are also exempt in 2019. Congo gains an output target for 2019, having not had one in 2018. 
    ^ Qatar has left OPEC as of 2019.
    *** OPEC 2018 targets were 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.
    OPEC's 2019 targets apply from Jan. 1, 2019 and are as listed in an OPEC internal document,
which has yet to be officially released. 
    
    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. 

 (Additional reporting by Rania El Gamal; Editing by Dale Hudson)
  
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