There is crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in January and December, according to a Reuters survey published on Monday.
OPEC and allies, known as OPEC+, are unwinding record output curbs made in 2020 but are still withholding millions of barrels. In January, the cuts required of OPEC stood at 2.129 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 2.803 million bpd in January, the survey found.
Since the actual cut made was 2.803 million bpd rather than the 2.129 million bpd pledged, OPEC’s compliance stood at 132% in January versus 127% in December.
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.
SOURCE: Reuters