TABLE-OPEC oil output rises by 70,000 bpd in July - Reuters survey

July 30 (Reuters) - The following table shows crude oil output by the Organization of the Petroleum Exporting Countries in millions of barrels per day (bpd) in July and June, according to a Reuters survey published on Monday. At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with oil output cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola. Saudi Arabia said the move would translate into an output rise of around 1 million barrels per day (bpd). The July survey indicates that output from the 12 OPEC members with supply reduction targets under the deal rose by 60,000 bpd compared with June. Total OPEC output increased 70,000 bpd. Compared with levels from which they agreed to cut, which in most cases was October 2016 output, the 12 members as a group have reduced production by 1.308 million bpd. Given the pledged reductions total 1.176 million bpd, that equates to 111 percent compliance, compared with a revised 116 percent in June. Congo Republic joined OPEC with immediate effect at the June 22 meeting. The country has now been added to the Reuters survey. June's production total was revised up by 250,000 bpd. Saudi supply to the market was 100,000 bpd lower than initially thought and UAE production was 20,000 bpd higher than first estimated. Congo's production of 330,000 bpd was added. July June Baseline Pledged Cut Compliance Implied 2010 output output for cut cut achieved (percent)* target Algeria 1.05 1.04 1.089 50,000 39,000 78 1.039 Angola 1.36 1.42 1.751 78,000 391,000 501 1.673 Ecuador 0.53 0.53 0.548 26,000 18,000 69 0.522 Equatorial Guinea^ 0.13 0.12 0.19 12,000 60,000 500 0.178 Gabon 0.20 0.20 0.202 9,000 2,000 22 0.193 Iran** 3.65 3.75 3.707 -90,000 57,000 3.797 Iraq 4.54 4.50 4.561 210,000 21,000 10 4.351 Kuwait 2.78 2.70 2.838 131,000 58,000 44 2.707 Qatar 0.61 0.61 0.648 30,000 38,000 127 0.618 Saudi Arabia 10.65 10.60 (R) 10.544 486,000 -106,000 negative 10.058 UAE 2.93 2.89 (R) 3.013 139,000 83,000 60 2.874 Venezuela 1.42 1.43 2.067 95,000 647,000 681 1.972 TOTAL OPEC 12 29.85 29.79 31.158 1,176,000 1,308,000 111 29.982 Libya 0.65 0.68 1 Nigeria 1.82 1.77 1.8 TOTAL OPEC 14 32.32 32.24 (R) 32.782*** Congo ^^ 0.32 0.33 TOTAL OPEC 15 32.64 32.57 (R) * Compliance is calculated by the following method in the table above: Baseline for cut minus July 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 in June 2018 published a production target for Equatorial Guinea. Reuters has used this target (178,000 bpd) and pledged cut given by an OPEC delegate (12,000 bpd) to calculate a supply cut baseline of 190,000 bpd. ^^ Congo joined OPEC in June 2018. No production target was disclosed. 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. (Editing by Louise Heavens)

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