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OPEC Guide



OPEC crude oil output



OPEC production (in million b/d)

Member January Change December November
Algeria
1.04
0.00
1.04
1.01
Angola
1.61
-0.03
1.64
1.61
Ecuador
0.52
0.00
0.52
0.53
Equatorial Guinea
0.14
0.01
0.13
0.14
Gabon
0.20
0.01
0.19
0.19
Iran
3.83
0.01
3.82
3.80
Iraq
4.41
0.00
4.41
4.35
Kuwait
2.71
0.01
2.70
2.70
Libya
0.98
0.00
0.98
0.95
Nigeria
1.93
0.03
1.90
1.84
Qatar
0.60 0.00 0.60 0.60
Saudi Arabia
9.99
0.09
9.90
9.97
UAE
2.86
-0.01
2.87 2.86
Venezuela
1.64 -0.06 1.70 1.80
Total
32.46
0.06
32.40
32.35




OPEC production vs. cut allocations (in million b/d)

Country January Allocation Over/Under
Algeria
1.04
1.04
0.00
Angola
1.61
1.67
-0.06
Ecuador
0.52
0.52
0.00
Equatorial Guinea 0.14 0.13 0.01
Gabon
0.20
0.19
0.01
Iran
3.83
3.80
0.03
Iraq
4.41
4.35
0.06
Kuwait
2.71
2.71 0.00
Libya*
0.98
1.00
-0.02
Nigeria*
1.93
1.80
0.13
Qatar
0.60
0.62
-0.02
Saudi Arabia
9.99 10.06
-0.07
UAE
2.86
2.87
-0.01
Venezuela
1.64 1.97 -0.33
Venezuela
32.46 32.73 -0.27


* Libya and Nigeria were given a combined 2.80 million b/d cap, near their presumptive maximum sustained production capacities of 1.00 million b/d and 1.80 million b/d, respectively


Notes:


On November 30, OPEC and 10 non-OPEC producers decided to extend their existing production cuts by a further nine months -- a move that would keep nearly 1.8 million b/d of crude oil off the market till the end of 2018.


Indonesia suspended its OPEC membership on November 30, 2016.


The estimate for Iraq includes volumes from semi-autonomous Iraqi Kurdistan.


Equatorial Guinea became OPEC's smallest oil producer on May 25, when its application to join OPEC was approved, bringing the oil producer bloc's membership up to 14.


An OPEC/non-OPEC monitoring committee co-chaired by Saudi Arabia and Russia will meet in April in Saudi Arabia to review compliance with the deal and assess market conditions.


The next OPEC meeting is June 22.



S&P Global Platts OPEC survey methodology


Since 1988, S&P Global Platts has published a monthly survey tracking OPEC crude oil production by country. The estimates are obtained through a review of proprietary shipping data, news reportage and surveys of knowledgeable sources.


Data reviewed include loading programs, export statistics and tanker tracking via Platts cFlow. Sources interviewed for the survey include national oil company or ministry officials; analysts at international agencies, think tanks, consultancies and banks; and traders. The sources remain confidential and are interviewed by a team of Platts oil news reporters -- typically led by Herman Wang, Platts OPEC correspondent, and Eklavya Gupte, Platts senior editor for Europe and Africa news.


The survey is typically published between the 5th and 10th of each month, and it measures oil output -- excluding condensates and NGLs.



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