May 31, 2018 / 1:41 PM / 25 days ago

TABLE-OPEC oil output falls by 70,000 bpd in May- Reuters survey

    May 31 (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in May and April, according to a Reuters survey published on Thursday.

    In an effort to prop up prices, the Organization of the Petroleum Exporting Countries
started reducing output by about 1.2 million bpd on Jan. 1, 2017, in its first supply cut since
2008. Nigeria and Libya, exempt from the curbs for 2017, told OPEC their output in 2018 would
not exceed 2017 levels.
    The May survey indicates that output from the 12 OPEC members with supply reduction targets
rose by 40,000 bpd compared to revised April output, while total OPEC output dropped by 70,000
bpd.
    Compared with levels from which they agreed to cut, which in most cases was October 2016
output, the 12 members have reduced production by 1.918 million bpd. Given the pledged
reductions total 1.176 million bpd, that equates to 163 percent compliance, down from a revised
166 percent in April.
    April's OPEC total production was revised down by 50,000 bpd because Iraqi production was
lower than earlier thought.
    Totals in the table below are rounded.   
    R = Revised    
                      May     April    Baseline   Pledged      Cut      Compliance  Implied 2018
                     output   output   for cut      cut      achieved     (pct)*       target
 Algeria             0.99    0.98      1.089     50,000         99,000  198         1.039
 Angola              1.50    1.49      1.751     78,000        251,000  322         1.673
 Ecuador             0.52    0.52      0.548     26,000         28,000  108         0.522
 Equatorial Guinea^  0.12    0.13      0.14      12,000         20,000  166         0.128
 Gabon               0.19    0.20      0.202     9,000          12,000  133         0.193
 Iran*               3.80    3.82      3.707     -90,000      -93,000               3.797
 Iraq                4.45    4.40(R)   4.561     210,000       111,000  53          4.351
 Kuwait              2.70    2.70      2.838     131,000       138,000  105         2.707
 Qatar               0.60    0.60      0.648     30,000         48,000  160         0.618
 Saudi Arabia        10.00   9.94      10.544    486,000       544,000  112         10.058
 UAE                 2.87    2.87      3.013     139,000       143,000  103         2.874
 Venezuela           1.45    1.50      2.067     95,000        617,000  649         1.972
 TOTAL OPEC 12       29.19   29.15(R)  31.108    1,176,000   1,918,000  163         29.932
 Libya               0.96    0.98                                                   1
 Nigeria             1.85    1.94                                                   1.8
 TOTAL OPEC 14       32.00   32.07(R)                                               32.732
    * Compliance is calculated by the following method in the table above:
    Baseline for cut minus May 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 has not published a production target for Equatorial Guinea. Reuters has used the
baseline given by the International Energy Agency and pledged cut by an OPEC delegate.
    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 in Dubai; Editing by Alexandra Hudson)
  
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