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TABLE-OPEC oil output falls by 170,000 bpd in August - Reuters survey
August 31, 2017 / 3:18 PM / 25 days ago

TABLE-OPEC oil output falls by 170,000 bpd in August - Reuters survey

    Aug 31, (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in August and July, 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 in its first supply cut since 2008.
Nigeria and Libya were exempted from the curbs.
    The August survey indicates output from the 13 OPEC members originally part of the deal fell
by 170,000 bpd from July. Supply from the 11 members with production targets under the original
accord declined by 60,000 bpd.
    Compared with the levels from which they agreed to cut, in most cases their October 2016
production, the 11 members have reduced output by 1.038 million bpd of the pledged 1.164 million
bpd. That equates to 89 percent compliance, up from 84 percent in July. The figures for July
were not revised.
    Equatorial Guinea joined OPEC in May. 
    Totals in the table below are rounded.
                        August  July    Baseline  Pledged    Cut achieved  Compliance  Jan. 1 
                        output  output  for cut   cut                      (pct)*      target
 Algeria                1.06    1.07    1.089     50,000      29,000       58          1.039
 Angola                 1.65    1.60    1.751     78,000     101,000       129         1.673
 Ecuador                0.54    0.54    0.548     26,000      8,000        31          0.522
 Gabon                  0.19    0.20    0.202     9,000       12,000       133         0.193
 Iran**                 3.79    3.78    3.707     -90,000    -83,000                   3.797
 Iraq                   4.46    4.50    4.561     210,000    101,000       48          4.351
 Kuwait                 2.70    2.71    2.838     131,000    138,000       105         2.707
 Qatar                  0.61    0.61    0.648     30,000      38,000       127         0.618
 Saudi Arabia           9.98    10.02   10.544    486,000    564,000       116         10.058
 UAE                    2.98    2.97    3.013     139,000     33,000       24          2.874
 Venezuela              1.97    1.99    2.067     95,000      97,000       102         1.972
 TOTAL OPEC 11          29.93   29.99   30.968    1,164,000  1,038,000     89          29.804
 Libya                  0.90    1.03                                                   0.351
 Nigeria                1.85    1.83                                                   1.594
 TOTAL OPEC 13          32.68   32.85                                                  31.749***
 Equatorial Guinea****  0.15    0.15                                                   
 TOTAL OPEC 14          32.83   33.00                                                  
    Compliance is calculated by the following method in the table above: 
    Baseline for cut minus August output = cut achieved
    Cut achieved divided by pledged cut = percentage compliance
    ** Iran is allowed a small increase in the deal.
    *** OPEC target based on the 32.50 million bpd ceiling OPEC announced on Nov. 30, 2016,
minus Indonesia and using reference production figures listed in an internal OPEC document for
Libya and Nigeria.
    **** Equatorial Guinea is required to limit output but OPEC has not published a production
target for Equatorial Guinea or an updated overall target since it became an OPEC member.
    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 Oso and Akpo condensates.

 (Reporting by Alex Lawler; Editing by Mark Potter)
  

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