March 5, 2020 / 1:23 PM / a month ago

Timeline: OPEC's oil output changes since the 1990s

(Reuters) - The following are changes in OPEC’s output targets dating from efforts to support oil prices in the late 1990s.

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers are currently cutting output by 2.1 million barrels (bpd) under a deal set to expire in March 2020.

OPEC and its allies are proposing to deepen cuts by another 1.5 million bpd for the second quarter of 2020, alongside extending the existing cuts to the end of 2020.

If agreed on Friday, the new cut would bring the OPEC+ group’s overall output reduction to 3.6 million bpd or about 3.6% of global supplies.

Last time OPEC reduced supplies by such a significant amount was in 2008 when it cut production by a total of 4.2 million bpd to address slower demand because of the global financial crisis.

(Volumes are in millions of barrels per day.)

Venue agreed Adjustment Volume

OPEC (OPEC+) OPEC

April 1998 Riyadh -1.355 25.95

July 1998 Amsterdam/Vienna -1.255 24.69

April 1999 The Hague/Vienna -1.716 22.97

April 2000 Vienna +1.716 24.69

July 2000 Vienna +0.708 25.40

October 2000 Vienna +0.800 26.20

November 2000 Vienna +0.500 26.70

February 2001 Vienna -1.500 25.20

April 2001 Vienna -1.000 24.20

September 2001 by phone -1.000 23.20

January 2002 Cairo -1.500 21.70

January 2003 Vienna +1.300 23.00

February 2003 Vienna +1.500 24.50

June 2003 Vienna +0.900 25.40

November 2003 Vienna -0.900 24.50

April 2004 Algiers -1.000 23.50

July 2004 Beirut +2.000 25.50

August 2004 Beirut +0.500 26.00

November 2004 Vienna +1.000 27.00

March 2005 Isfahan +0.500 27.50

July 2005 Vienna +0.500 28.00

November 2006 Doha -1.200 26.30

February 2007 Abuja -0.500 25.80

November 2007 Vienna +0.500 27.25

September 2008 Vienna -0.520 28.80

October 2008 Vienna -1.500 27.30

December 2008 Oran -2.200 24.84

December 2011 Vienna 30.00

December 2015 Vienna limit scrapped

September 2016 Algiers -0.75 32.5-33 November 2016 Vienna -1.2 (-1.800) 29.804

June 2017 Vienna n/a 29.982

June 2018 Vienna n/a (+1.000) 29.982*

December 2018 Vienna -0.800 (-1.200) 26.026**

December 2019 Vienna -0.770 (-2.100) 25.146 ***

March 2020 Vienna -1.000 (-1.500)****

* No new targets announced. Ministers said supply by the participating OPEC and non-OPEC producers would rise by 1 million bpd. No OPEC-only increase was disclosed.

** Targets announced for 11 OPEC members amounting to a cut of about 0.8 million bpd. Volume includes amended Nigerian target which emerged in October 2019

*** OPEC cut includes 0.4 million bpd Saudi voluntary cut. Total implied OPEC target is a Reuters calculation based on figures OPEC gave for pledged cuts and the baseline from which cuts apply.

**** Proposed new cuts for Q2’2020

Reporting by Alex Lawler; Editing by Edmund Blair

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