LONDON (Reuters – This table displays crude output of the Organization of the Petroleum Exporting Countries, (OPEC), in millions of barrels a day (bpd), according to Reuters’s Tuesday survey.

OPEC+ and its allies are releasing millions of barrels despite releasing record-breaking output cuts in 2020. According to Reuters calculations, the OPEC required cuts of 2.636 millions bpd in November according to OPEC figures.

The output reductions by 10 OPEC members in November were 3.173m bpd, compared with their Oct 2018 levels.

OPEC has now achieved 120% compliance, compared to 118% for October.

After a modification to the Libyan estimate, October’s production was revalorized by 20,000 bpd.

These figures are in million barrels per hour.

November October Change vs. Baseline for Remaining Cut November Compliance

Oct 2020: Promised reduction in output Target (NYSE:) Output (%)

Algeria 0.95 0.94 10,000 1.057 105,000 107,000 952,000 102

Angola 1.05 1.1 -50,000 1.528 151,000 478,000 1,377,000 317

Congo 0.27 0.26 10,000 0.325 32,000 55,000 293,000 172

Eq. Guinea 0.08 0.09 -10,000 0.127 12,000 47,000 115,000 392

Gabon 0.17 0.18-10,000 0.187 19,000 178,000 89

Iraq 4.22 4.15 70,000 4.653 460,000 433,000 4,193,000 94

Kuwait 2.53 2.5 30,000 2.809 277,000 279,000 2,532,000 101

Nigeria 1.5 1.45 50,000 1.829 180,000 329,000 1,649,000 183

Saudi Arabia 9.89 9.78 110,000 11.000 1,087,000 1,110,000 9,913,000 102

UAE 2.85.83 20,000 3.168 313 000 318,000 2.855,000 102

TOTAL OPEC 11 23.51 23.28 23.30 230,000 26.683 2636,000 3173,000 2447,000 120

Iran 2.48 2.48

Libya 1.13 1.15 (R) -20,000

Venezuela 0.62 0.61 10,000

TOTAL OPEC 13 27,74, 27.52 (R), 220,000

NOTES:

The totals may not add, as they are round.

The table below shows how compliance is determined.

Baseline for cut minus November output = cut achieved.

Percent compliance = Cut divided by pledged cut

Venezuela, Libya, and Iran do not have to make voluntary output cuts.

The Reuters survey aims at assessing crude supply to the market. It excludes movements to storage, and not sales. The Neutral Zone is also included in the data from Saudi Arabia and Kuwait.

Venezuelan data include synthetically refined oil. Nigerian crude oil output excludes Akpo condensate and includes Egina and Agbami streams.