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OPEC oil output rises by 220,000 bpd in November -survey

Kitco News

LONDON, Nov 30 (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. read more

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 output
October output
Change vs. October
Baseline for 2020 cut
Remaining cut pledged
Cut achieved
November Target output
Compliance (%)
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
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