September 29, 2017 / 1:59 PM / in 22 days

TABLE-OPEC oil output rises by 50,000 bpd in September - Reuters survey

    Sept 29 (Reuters) - The following table shows OPEC crude oil output in millions of barrels
per day (bpd) in September and August, according to a Reuters survey published on Friday.

    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 September survey indicates output from the 13 OPEC members originally part of the deal
rose by 60,000 bpd from August. Supply from the 11 members with production targets under the
original accord increased by 40,000 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 998,000 bpd of the pledged 1.164 million bpd.
That equates to 86 percent compliance, down from 89 percent in August. 
    August's total was revised down by 20,000 bpd after a change to the Libyan estimate.
    Equatorial Guinea joined OPEC in May. 
    Totals in the table below are rounded.    
                    Sept.    August     Baseline  Pledged    Cut        Compliance  Jan. 1
                    output   output     for cut   cut        achieved   (pt)*       target 
 Algeria            1.06     1.06       1.089     50,000      29,000    58          1.039
 Angola             1.62     1.65       1.751     78,000     131,000    168         1.673
 Ecuador            0.54     0.54       0.548     26,000       8,000    31          0.522
 Gabon              0.20     0.19       0.202     9,000        2,000    22          0.193
 Iran**             3.81     3.79       3.707     -90,000    -103,000               3.797
 Iraq               4.50     4.46       4.561     210,000      61,000   29          4.351
 Kuwait             2.71     2.70       2.838     131,000     128,000   98          2.707
 Qatar              0.61     0.61       0.648     30,000       38,000   127         0.618
 Saudi Arabia       10.00    9.98       10.544    486,000     544,000   112         10.058
 UAE                2.97     2.98       3.013     139,000      43,000   31          2.874
 Venezuela          1.95     1.97       2.067     95,000      117,000   123         1.972
 TOTAL OPEC 11      29.97    29.93      30.968    1,164,000  998,000    86          29.804
 Libya              0.93     0.88 (R)                                               0.351
 Nigeria            1.82     1.85                                                   1.594
 TOTAL OPEC 13      32.72    32.66(R)                                               31.749***
                                                                                    
 Equatorial Guinea  0.14     0.15                                                   
 TOTAL OPEC 14      32.86    32.81(R)                                               
    Compliance is calculated by the following method in the table above: 
    Baseline for cut minus September 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 Dale Hudson)
  

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