January 6, 2020 / 2:21 PM / 14 days ago

TABLE-OPEC oil output slips by 50,000 bpd in December -Reuters survey

    LONDON, Jan 6 (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 Monday. 
    December was the last month in which a deal between OPEC, Russia and other non-members, an
alliance known as OPEC+, to reduce supply by 1.2 million bpd in 2019 took effect. OPEC's share
of that reduction was 800,000 bpd. A new production cut agreement started on Jan. 1 this year.
    The December survey indicates that total OPEC output fell by 50,000 bpd from November.
    Compared with the levels from which they agreed to cut, which in most cases was October 2018
output, the 11 members have reduced production by 1.29 million bpd. Given the pledged reductions
total 814,000 bpd, that equates to 158% compliance. November's revised compliance was 153%.
                 December    November   Baseline  Pledged   Cut        Compliance  2019
                  output      output    for cut   cut       achieved   (%)*        target***
 Algeria           1.020      1.020     1.057     32,000    37,000     116         1.025
 Angola            1.400      1.250     1.528     47,000    128,000    272         1.481
 Congo             0.340      0.340     0.325     10,000    -15,000    negative    0.315
 Ecuador           0.510      0.500     0.524     16,000    14,000     88          0.508
 Eq. Guinea        0.120      0.120     0.127     4,000     7,000      175         0.123
 Gabon             0.210      0.210     0.187     6,000     -23,000    negative    0.181
 Iraq              4.570      4.620     4.653     141,000   83,000     59          4.512
 Kuwait            2.710    2.706 (R)   2.809     85,000    99,000     116         2.724
 Nigeria           1.830      1.910     1.829     55,000    -1,000     negative    1.774
 Saudi Arabia      9.800      9.850     10.633    322,000   833,000    259         10.311
 UAE               3.040      3.065     3.168     96,000    128,000    133         3.072
 TOTAL OPEC 11    25.550    25.591 (R)  26.84     814,000   1,290,000  158         26.026
 Iran**            2.080      2.100                                                
 Libya**           1.150      1.180                                                
 Venezuela**       0.720      0.680                                                
 TOTAL OPEC 14     29.50     29.55(R)                                              
    NOTES:
    (R) = Revised. Totals are rounded and may not add.
    *Compliance is calculated by the following method in the table above.
    Baseline for cut minus December output = cut achieved.
    Cut achieved divided by pledged cut = percentage compliance.
    **Iran, Libya and Venezuela are exempt from making voluntary output cuts.
    ***Targets and pledged cuts apply from Jan. 1, 2019, and are as published on OPEC's website
apart from a revised target for Nigeria which emerged in October 2019.
    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 crude output is defined to include
the Agbami and Egina streams and exclude Akpo condensate.

 (Reporting by Alex Lawler 
Additional reporting by Rania El Gamal, Editing by David Evans)
  
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