OPEC oil output rises by 220,000 bpd in November -survey

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A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic

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LONDON, Nov 30 (Reuters) - The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in November and October, according to a Reuters survey published on Tuesday. read more

OPEC and allies, known as OPEC+, are unwinding record output curbs made in 2020, but are still withholding millions of barrels. In November, the cuts required of OPEC stood at 2.636 million bpd, according to Reuters calculations and OPEC figures.

Compared with the levels from which they agreed to cut, which in most cases was their output in October 2018, the 10 OPEC members bound by the deal reduced output by 3.173 million bpd in November, the survey found.

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Since the actual cut made is 3.173 million bpd rather than the 2.636 million bpd pledged, OPEC's compliance stands at 120% versus 118% in October.

October's output was revised up by 20,000 bpd after a change to the Libyan estimate.

The figures in the first, second and fourth columns in the table are in millions of barrels per day.

NOTES:

Totals are rounded and may not add.

Compliance is calculated by the following method in the table above.

Baseline for cut minus November output = cut achieved.

Cut achieved divided by pledged cut = percentage compliance.

Iran, Libya and Venezuela are exempt from making voluntary output cuts.

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.

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Additional reporting by Ahmad Ghaddar; Editing by Susan Fenton

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