OPEC oil output falls by 340,000 bpd in August, survey finds
By Alex Lawler
LONDON, Sept 2 (Reuters) -The following table shows crude output by the Organization of the Petroleum Exporting Countries in millions of barrels per day in August and July, according to a Reuters survey published on Monday.
OPEC and allies, together known as OPEC+, agreed in June to extend most of their deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.
The figures in the first and second columns are in millions of barrels per day. Totals are rounded
July's output was not revised.
August output | July output | Change vs. July | Q1-Q3 target* | Under/over target | |
Algeria | 0.907 | 0.909 | -2,000 | 908000 | -1,000 |
Congo | 0.260 | 0.260 | 0 | 277,000 | -17,000 |
Eq. Guinea | 0.060 | 0.060 | 0 | 70,000 | -10,000 |
Gabon | 0.220 | 0.220 | 0 | 169,000 | 51,000 |
Iraq | 4.120 | 4.170 | -50,000 | 4,009,000 | 111,000 |
Kuwait | 2.410 | 2.410 | 0 | 2,413,000 | -3,000 |
Nigeria | 1.540 | 1.520 | 20,000 | 1,500,000 | 40,000 |
Saudi Arabia | 9.000 | 9.000 | 0 | 8,978,000 | 22,000 |
UAE | 2.940 | 2.930 | 10,000 | 2,912,000 | 28,000 |
TOTAL OPEC 9 | 21.457 | 21.479 | -22,000 | 21,236,000 | 221,000 |
Iran | 3.180 | 3.220 | -40,000 | ||
Libya | 0.900 | 1.190 | -290,000 | ||
Venezuela | 0.820 | 0.810 | 10,000 | ||
TOTAL OPEC 12 | 26.36 | 26.70 | -340,000 |
*Output target as announced by the countries making voluntary cuts, or as announced by OPEC. Excludes Iraq compensation plan for earlier overproduction.
Iran, Libya and Venezuela are exempt from OPEC output agreements.
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 Jan Harvey
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