LONDON (Reuters) – The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in November and October, according to a Reuters survey published on Tuesday.
OPEC and allies, known as OPEC+, are unwinding record output curbs made in 2020, but are still withholding millions of barrels. In November, the cuts required of OPEC stood at 2.636 million bpd, according to Reuters calculations and OPEC figures.
Compared with the levels from which they agreed to cut, which in most cases was their output in October 2018, the 10 OPEC members bound by the deal reduced output by 3.173 million bpd in November, the survey found.
Since the actual cut made is 3.173 million bpd rather than the 2.636 million bpd pledged, OPEC’s compliance stands at 120% versus 118% in October.
October’s output was revised up by 20,000 bpd after a change to the Libyan estimate.
The figures in the first, second and fourth columns in the table are in millions of barrels per day.
November October Change vs. Baseline for Remaining Cut November Compliance
output output October 2020 cut cut pledged achieved Target output (%)
Algeria 0.95 0.94 10,000 1.057 105,000 107,000 952,000 102
Angola 1.05 1.1 -50,000 1.528 151,000 478,000 1,377,000 317
Congo 0.27 0.26 10,000 0.325 32,000 55,000 293,000 172
Eq. Guinea 0.08 0.09 -10,000 0.127 12,000 47,000 115,000 392
Gabon 0.17 0.18 -10,000 0.187 19,000 17,000 168,000 89
Iraq 4.22 4.15 70,000 4.653 460,000 433,000 4,193,000 94
Kuwait 2.53 2.5 30,000 2.809 277,000 279,000 2,532,000 101
Nigeria 1.5 1.45 50,000 1.829 180,000 329,000 1,649,000 183
Saudi Arabia 9.89 9.78 110,000 11.000 1,087,000 1,110,000 9,913,000 102
UAE 2.85 2.83 20,000 3.168 313,000 318,000 2,855,000 102
TOTAL OPEC 10 23.51 23.28 230,000 26.683 2,636,000 3,173,000 24,047,000 120
Iran 2.48 2.48 0
Libya 1.13 1.15 (R) -20,000
Venezuela 0.62 0.61 10,000
TOTAL OPEC 13 27.74 27.52 (R) 220,000
NOTES:
Totals are rounded and may not add.
Compliance is calculated by the following method in the table above.
Baseline for cut minus November output = cut achieved.
Cut achieved divided by pledged cut = percentage compliance.
Iran, Libya and Venezuela are exempt from making voluntary output cuts.
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 includes the Agbami and Egina streams and excludes Akpo condensate.
(Additional reporting by Ahmad Ghaddar; Editing by Susan Fenton)
