TABLE-OPEC oil output falls more in March - Reuters survey

The following table shows OPEC crude oil output in millions of barrels per day (bpd) in March and February, according to a Reuters survey published on Wednesday. The survey indicates output from all 13 members of the Organization of the Petroleum Exporting Countries fell by 230,000 bpd in March from February's revised level. In an effort to prop up prices, OPEC started reducing its output by about 1.2 million bpd on Jan. 1 in its first supply cut decision since 2008. In March, supply from the 11 OPEC members with production targets under the deal has averaged 29.86 million bpd, down from a revised 29.97 million bpd for February, the survey showed. Compared with the levels from which they agreed to cut, in most cases their October output, the 11 members have reduced output by 1.108 million bpd of the pledged 1.164 million bpd. That equates to 95 percent compliance. The original February compliance estimate was 94 percent. February's production was revised up by 50,000 bpd because Saudi output was higher than originally thought, while Nigerian production was lower. Totals in the table below are rounded. March February Baseline Pledged Cut Compliance Jan. 1 output output for cut cut Achieved (pct)* target Algeria 1.07 1.08 1.089 50,000 19,000 38 1.039 Angola 1.61 1.66 1.751 78,000 141,000 181 1.673 Ecuador 0.53 0.53 0.548 26,000 18,000 69 0.522 Gabon 0.2 0.2 0.202 9,000 2,000 22 0.193 Iran** 3.77 3.76 3.707 -90,000 -63,000 n/a 3.797 Iraq 4.420 4.46 4.561 210,000 141,000 67 4.351 Kuwait 2.700 2.71 2.838 131,000 138,000 105 2.707 Qatar 0.62 0.63 0.648 30,000 28,000 93 0.618 Saudi Arabia 9.98 9.90 (R) 10.544 486,000 564,000 116 10.058 UAE 2.90 2.980 3.013 139,000 113,000 81 2.874 Venezuela 2.06 2.06 2.067 95,000 7,000 7 1.972 TOTAL OPEC 11 29.86 29.97 30.968 1,164,000 1,108,000 95 29.804 Libya 0.60 0.67 0.351 Nigeria 1.55 1.60 (R) 1.594 TOTAL OPEC 13 32.01 32.24 (R) 31.749*** R = Revised * Compliance is calculated by the following method in the table above: Baseline for cut minus March 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. 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.

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