LONDON, Feb 28 (Reuters) - The following table shows crude oil output by the Organization of the Petroleum Exporting Countries (OPEC) in
millions of barrels per day (bpd) in February and January, based on a Reuters survey published on Tuesday.
OPEC and allies, known as OPEC+, agreed to cut their output target by 2 million barrels per day from last November through 2023. As part of
this, the 10 OPEC members bound by the deal have a target to produce 25.416 million bpd.
According to the survey, they boosted output by 90,000 bpd in February to 24.54 million bpd, or about 880,000 bpd below the target. Total
OPEC output rose by 150,000 bpd.
January output was revised down by 50,000 bpd after changes to the estimate for Iraq.
The figures in the first, second and fourth columns in the table are in millions of barrels per day.
February January Change vs. Baseline for Cut Cut February output Compliance Shortfall vs.
output output January cut pledged achieved target % target
Algeria 1.020 1.010 10,000 1.055 48,000 35000 1,007,000 73 13,000
Angola 1.050 1.130 -80,000 1.525 70,000 475000 1,455,000 679 -405,000
Congo 0.270 0.260 10,000 0.325 15,000 55000 310,000 367 -40,000
Eq. Guinea 0.050 0.050 0 0.127 6,000 77000 121,000 1,283 -71,000
Gabon 0.190 0.190 0 0.186 9,000 -4000 177,000 -44 13,000
Iraq 4.400 4.350 (R) 50,000 4.651 220,000 251000 4,431,000 114 -31,000
Kuwait 2.680 2.680 0 2.811 135,000 131000 2,676,000 97 4,000
Nigeria 1.390 1.290 100,000 1.826 84,000 436000 1,742,000 519 -352,000
Saudi Arabia 10.450 10.440 10,000 11.004 526,000 554000 10,478,000 105 -28,000
UAE 3.040 3.050 -10,000 3.179 160,000 139000 3,019,000 87 21,000
TOTAL OPEC 10 24.540 24.450 (R) 90,000 26.689 1,273,000 2149000 25,416,000 169 -876,000
Iran 2.600 2.560 40,000
Libya 1.150 1.150 0
Venezuela 0.680 0.660 20,000
TOTAL OPEC 13 28.970 28.820 (R) 150,000
R = Revised
Totals are rounded and may not add.
Compliance is calculated by the following method in the table above:
Baseline for cut minus February 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.
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OPEC oil output rises in February as Nigeria rebounds further ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Additional reporting by Ahmad Ghaddar
Editing by Jane Merriman)
