TABLE-OPEC oil output falls by 70,000 bpd in April - Reuters survey

LONDON, April 30 (Reuters) - The following table shows OPEC crude oil output in millions of barrels per day (bpd) in April and March, according to a Reuters survey published on Monday. In an effort to prop up prices, the Organization of the Petroleum Exporting Countries started reducing output by about 1.2 million bpd on Jan. 1, 2017, in its first supply cut since 2008. Nigeria and Libya, exempt from the curbs for 2017, told OPEC their output in 2018 would not exceed 2017 levels. The April survey indicates that output from the 12 OPEC members with supply reduction targets fell by 10,000 bpd compared to revised March output, while total OPEC output dropped by 70,000 bpd. Compared with levels from which they agreed to cut, which in most cases was October 2016 output, the 12 members have reduced production by 1.908 million bpd. Given the pledged reductions total 1.176 million bpd, that equates to 162 percent compliance, up from a revised 161 percent in March. March's OPEC total production was not revised, although estimates for Libya and Algeria were adjusted. Totals in the table below are rounded. April March Baseline Pledged Cut Compliance Implied 2018 output output for cut cut achieved (percent)* target Algeria 0.98 0.97 (R) 1.089 50,000 109,000 218 1.039 Angola 1.49 1.51 1.751 78,000 261,000 335 1.673 Ecuador 0.52 0.53 0.548 26,000 28,000 108 0.522 Equatorial Guinea^ 0.13 0.13 0.14 12,000 10,000 83 0.128 Gabon 0.20 0.20 0.202 9,000 2,000 22 0.193 Iran** 3.82 3.83 3.707 -90,000 -113,000 3.797 Iraq 4.45 4.40 4.561 210,000 111,000 53 4.351 Kuwait 2.70 2.70 2.838 131,000 138,000 105 2.707 Qatar 0.60 0.61 0.648 30,000 48,000 160 0.618 Saudi Arabia 9.94 9.90 10.544 486,000 604,000 124 10.058 UAE 2.87 2.87 3.013 139,000 143,000 103 2.874 Venezuela 1.50 1.56 2.067 95,000 567,000 597 1.972 TOTAL OPEC 12 29.20 29.21(R) 31.108 1,176,000 1,908,000 162 29.932 Libya 0.98 1.00 (R) 1 Nigeria 1.94 1.98 1.8 TOTAL OPEC 14 32.12 32.19 32.732*** R = Revised * Compliance is calculated by the following method in the table above: Baseline for cut minus April output = cut achieved Cut achieved divided by pledged cut = percentage compliance ** Iran is allowed a small increase in the deal. *** OPEC 2018 implied target based on the 32.50 million bpd ceiling OPEC announced on Nov. 30, 2016, minus Indonesia, and using Libya and Nigeria's figures for their expected 2018 production as given at Nov. 30, 2017 meeting. ^ OPEC has not published a production target for Equatorial Guinea. Reuters has used the baseline given by the International Energy Agency and pledged cut by an OPEC delegate. 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 Akpo condensate. (Additional reporting by Rania El Gamal in Dubai; Editing by David Evans)

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