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OPEC Oil Production – Platts Survey – May 2017

OPEC PRODUCTION (IN MILLION B/D)

Country May Change April
Algeria
1.06
0.02
1.04
Angola
1.64
-0.04
1.68
Ecuador
0.52
0
0.52
Gabon
0.21
0
0.21
Iran
3.78
0.01
3.77
Iraq
4.43
0.07
4.36
Kuwait
2.70
0
2.70
Libya
0.73
0.18
0.55
Nigeria
1.73
0.08
1.65
Qatar
0.61
0
0.61
Saudi Arabia
9.93 -0.04 9.97
UAE
2.84
0
2.84
Venezuela
1.94 -0.01 1.95
Total
32.12
0.27
31.85

OPEC PRODUCTION VS. CUT ALLOCATIONS (IN MILLION B/D)

Country Jan-May avg Allocation Over/under
Algeria
1.046
1.039
0.007
Angola
1.641
1.673
-0.032
Ecuador
0.520
0.522
-0.002
Gabon
0.204
0.193
0.011
Iran
3.758
3.797
-0.039
Iraq
4.415
4.351
0.064
Kuwait
2.702
2.707
-0.005
Libya
0.648
(exempt)
Nigeria
1.663
(exempt)
Qatar
0.614
0.618
-0.004
Saudi Arabia
9.948 10.058 -0.110
UAE
2.872
2.874
-0.002
Venezuela
1.971 1.972 -0.001
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OPEC Oil Production – Reuters Survey – June 2017

    May 31 The following table shows OPEC crude oil
output in millions of barrels per day (bpd) in May and April,
according to a Reuters survey published on Wednesday.

    In an effort to prop up prices, the Organization of the
Petroleum Exporting Countries started reducing its output by
about 1.2 million bpd on Jan. 1 in its first supply cut decision
since 2008. Nigeria and Libya were exempted from the cuts.
    The May survey indicates output from the 13 OPEC members
rose by 250,000 bpd from April. But supply from 11 members with
production targets under the deal has fallen by 60,000 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 1.108 million bpd of the pledged 1.164 million
bpd. That equates to 95 percent compliance, up from 90 percent
in April.
    Overall April production was not revised, although small
changes were made to the estimates for Iraq and Saudi Arabia.
    Equatorial Guinea joined OPEC with "immediate effect," OPEC
said at the end of its May 25 meeting. Its production will be
included in the June survey.
    Totals in the table below are rounded.       
                 May     April     Baseline  Pledged     Cut achieved   Compliance  Jan. 1
                 output  output    for cut   cut                        (percent)*  target 
                                                                                    
 Algeria         1.07    1.07      1.089     50,000       19,000        38          1.039
 Angola          1.63    1.68      1.751     78,000       121,000       155         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    3.78      3.707     -90,000      -63,000                   3.797
 Iraq            4.39    4.42 (R)  4.561     210,000      171,000       81          4.351
 Kuwait          2.71    2.71      2.838     131,000      128,000       98          2.707
 Qatar           0.62    0.62      0.648     30,000        28,000       93          0.618
 Saudi Arabia    9.98    9.95 (R)  10.544    486,000      564,000       116         10.058
 UAE             2.95    2.94      3.013     139,000       63,000       45          2.874
 Venezuela       2.01    2.02      2.067     95,000        57,000       60          1.972
 TOTAL OPEC 11   29.860  29.92     30.968    1,164,000     1,108,000    95          29.804
 Libya           0.73    0.55                                                       0.351
 Nigeria         1.63    1.50                                                       1.594
 TOTAL OPEC 13   32.22   31.97                                                      31.749***
    R = Revised
    * Compliance is calculated by the following method in the
table above: 
    Baseline for cut minus May 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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OPEC Extends Output Cuts – Press Release

Link to the press release from OPEC site.

The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Kuwait City for its second meeting on 26 March 2017. It announced that, based on the Report of the Joint OPEC/Non-OPEC Technical Committee (JTC) for the month of February 2017, OPEC and participating non-OPEC countries have continued their progress towards full conformity with their voluntary adjustments in production.

The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the Joint OPEC/Non-OPEC Ministerial Meeting, held on 10 December 2016; at which 11 non-OPEC oil-producing countries cooperated with OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in combined production of around 1.8 million barrels per day. The resulting Declaration, which came into effect on 1 January 2017, is for six months and is extendable for an additional six months, depending on the status of supply and demand, including global inventories.

The JMMC expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 per cent conformity. As at February 2017, the OPEC and participating non-OPEC countries achieved a conformity level of 94 per cent, an increase of 8 percentage points over the January 2017 performance. This demonstrates the willingness of all participating countries to continue their cooperation.

The JMMC took note that certain factors, such as low seasonal demand, refinery maintenance, and rising non-OPEC supply, have slowed down the positive impact of the production adjustments on inventory drawdowns. At the same time, the liquidation of positions by financial players in the market was also observed.

However, it was felt that the end of the refinery maintenance season and a noticeable slowdown in the US stock-build, as well as the reduction in floating storage, will support the positive efforts undertaken to achieve stability in the market.

In view of the above, the JMMC requested that the JTC with the OPEC Secretariat review the oil market conditions and revert to the JMMC in April 2017 regarding the extension of the voluntary production adjustments as stipulated in the Declaration of Cooperation, in order to ensure market stability. The JMMC will deliberate before submitting its recommendation to the participating countries. This reaffirms the commitment of OPEC and participating non-OPEC countries to continue to cooperate for the benefit of producers and consumers alike, as has been consistently advocated.

The JMMC, led by its Chairman, HE Issam A. Almarzooq, Minister of Oil and Minister of Electricity and Water of the State of Kuwait, paid a courtesy call on the Emir of Kuwait, His Highness, Sheikh Sabah Al-Ahmad Al-Sabah, to thank him and his government for the support and guidance given OPEC in the run up to the historic OPEC decisions in November and December 2016 and pledged their commitment to the full and timely implementation of the decisions.

His Highness, the Emir, welcomed the delegation and thanked the members for honouring the State of Kuwait with the responsibility of the Chairmanship of the JMMC and for hosting the Second Meeting of the JMMC in Kuwait City.

 

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OPEC Oil Production – Platts Survey – January 2017

OPEC production (in million b/d)

Member January Change December
Algeria
1.05
-0.05
1.10
Angola
1.63
-0.03
1.66
Ecuador
0.52
-0.01
0.53
Gabon
0.20
-0.01
0.21
Iran
3.72
0.03
3.69
Iraq
4.48
-0.15
4.63
Kuwait
2.70
-0.13
2.83
Libya
0.67
0.05
0.62
Nigeria
1.65
0.21
1.44
Qatar
0.62
-0.02
0.64
Saudi Arabia
9.98
-0.44
10.42
UAE
2.93
-0.10
3.03
Venezuela
2.01
-0.04
2.05
Total
32.16
-0.69
32.85

 

OPEC ministers on November 30 finalized a deal to cut 1.2 million b/d from October levels and hold production around 32.5 million b/d, beginning January 1 for six months.
The agreement exempts Libya and Nigeria, while allowing Iran a small increase in production.
Indonesia suspended its membership on November 30, 2016, but its output is being counted by OPEC under the production ceiling.
Non-OPEC producers led by Russia also agreed to cut output by 558,000 b/d in the first half of 2017, with Russia set to cut 300,000 b/d.
The committee in charge of monitoring the implementation of the proposed OPEC and non-OPEC production cut is to be co-chaired by representatives of Kuwait and Russia, and will also have representatives from Algeria, Venezuela and Oman.
The estimate for Iraq includes volumes from semi-autonomous Iraqi Kurdistan.

Full story from Platts here.

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