March 5, 2020 / 1:15 PM / a month ago

TIMELINE-OPEC's oil output changes since the 1990s

    March 5 (Reuters) - The following are changes in OPEC's
output targets dating from efforts to support oil prices in the
late 1990s.
    The Organization of the Petroleum Exporting Countries (OPEC)
and non-OPEC producers are currently cutting output by 2.1
million barrels (bpd) under a deal set to expire in March 2020.
    OPEC and its allies are proposing to deepen cuts by another
1.5 million bpd for the second quarter of 2020, alongside
extending the existing cuts to the end of 2020.             
    If agreed on Friday, the new cut would bring the OPEC+
group's overall output reduction to 3.6 million bpd or about
3.6% of global supplies.
    Last time OPEC reduced supplies by such a significant amount
was in 2008 when it cut production by a total of 4.2 million bpd
to address slower demand because of the global financial crisis.
    (Volumes are in millions of barrels per day.)
    
                 Venue agreed      Adjustment       Volume
                          OPEC   (OPEC+)   OPEC
April 1998       Riyadh            -1.355           25.95
July 1998        Amsterdam/Vienna  -1.255           24.69
April 1999       The Hague/Vienna  -1.716           22.97
April 2000       Vienna            +1.716           24.69
July 2000        Vienna            +0.708           25.40
October 2000     Vienna            +0.800           26.20
November 2000    Vienna            +0.500           26.70
February 2001    Vienna            -1.500           25.20
April 2001       Vienna            -1.000           24.20
September 2001   by phone          -1.000           23.20
January 2002     Cairo             -1.500           21.70
January 2003     Vienna            +1.300           23.00
February 2003    Vienna            +1.500           24.50
June 2003        Vienna            +0.900           25.40
November 2003    Vienna            -0.900           24.50
April 2004       Algiers           -1.000           23.50
July 2004        Beirut            +2.000           25.50
August 2004      Beirut            +0.500           26.00
November 2004    Vienna            +1.000           27.00
March 2005       Isfahan           +0.500           27.50
July 2005        Vienna            +0.500           28.00
November 2006    Doha              -1.200           26.30
February 2007    Abuja             -0.500           25.80
November 2007    Vienna            +0.500           27.25
September 2008   Vienna            -0.520           28.80
October 2008     Vienna            -1.500           27.30
December 2008    Oran              -2.200           24.84
December 2011    Vienna                             30.00
December 2015    Vienna            limit scrapped
September 2016   Algiers           -0.75            32.5-33 
November  2016   Vienna            -1.2   (-1.800)  29.804  
June      2017   Vienna             n/a             29.982   
June      2018   Vienna             n/a   (+1.000)  29.982*  
December  2018   Vienna            -0.800 (-1.200)  26.026** 
December  2019   Vienna            -0.770 (-2.100)  25.146 ***
March     2020   Vienna            -1.000 (-1.500)****
            
* No new targets announced. Ministers said supply by the
participating OPEC and non-OPEC producers would rise by 1
million bpd. No OPEC-only increase was disclosed. 
** Targets announced for 11 OPEC members amounting to a cut of
about 0.8 million bpd. Volume includes amended Nigerian target
which emerged in October 2019
*** OPEC cut includes 0.4 million bpd Saudi voluntary cut. Total
implied OPEC target is a Reuters calculation based on figures
OPEC gave for pledged cuts and the baseline from which cuts
apply.
**** Proposed new cuts for Q2'2020

 (Reporting by Alex Lawler; Editing by Edmund Blair)
  
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