TABLE-OPEC oil output rises by 390,000 bpd in October - Reuters survey

Oct 31 (Reuters) - The following table shows crude oil output by the Organization of the Petroleum Exporting Countries in millions of barrels per day (bpd) in October and September, according to a Reuters survey published on Wednesday. At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with supply cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola. Saudi Arabia said the move would translate into an output rise of around 1 million bpd. The October survey indicates that output from the 12 OPEC members with supply reduction targets under the deal rose by 180,000 bpd compared with September, while total OPEC output has increased by 390,000 bpd. Compared with levels from which they agreed to cut, which in most cases was October 2016 output, the 12 members as a group have reduced production by 1.258 million bpd. Given the pledged reductions total 1.176 million bpd, that equates to 107 percent compliance, compared with a revised 122 percent in September. September's total was revised up by 70,000 bpd due to an upward adjustment in UAE output.

October September Baseline Pledged Cut Compliance Implied output output for cut cut achieved (percent)* 2018 target Algeria 1.06 1.06 1.089 50,000 29,000 58

1.039

Angola 1.53 1.50 1.751 78,000 221,000 283

1.673

Ecuador 0.53 0.53 0.548 26,000 18,000 69

0.522

Equatorial Guinea^ 0.12 0.13 0.19 12,000 70,000 583

0.178

Gabon 0.19 0.19 0.202 9,000 12,000 133

0.193

Iran** 3.35 3.45 3.707 -90,000 357,000 n/a

3.797

Iraq 4.65 4.62 4.561 210,000 -89,000 negative 4.351 Kuwait 2.79 2.80 2.838 131,000 48,000 37

2.707

Qatar 0.60 0.61 0.648 30,000 48,000 160

0.618

Saudi Arabia 10.65 10.53 10.544 486,000 -106,000 negative 10.058 UAE 3.25 3.05 (R) 3.013 139,000 -237,000 negative 2.874 Venezuela 1.18 1.25 2.067 95,000 887,000 934

1.972

TOTAL OPEC 12 29.90 29.72 (R) 31.158 1,176,000 1,258,000 107

29.982

Libya 1.22 1.05

1

Nigeria 1.88 1.85

1.8

TOTAL OPEC 14 33.00 32.62 (R)

32.782***

Congo^^ 0.31 0.30 TOTAL OPEC 15 33.31 32.92(R)

* Compliance is calculated by the following method in the table above: Baseline for cut minus October output = cut achieved Cut achieved divided by pledged cut = percentage compliance

** Iran is allowed a small increase in the deal.

*** OPEC 2018 implied target based on the 32.50 million bpd ceiling OPEC announced on Nov. 30, 2016, minus Indonesia, and using Libya and Nigeria's figures for their expected 2018 production as given at Nov. 30, 2017 meeting. Reuters has used this target (178,000 bpd) and pledged cut given by an OPEC delegate (12,000 bpd) to calculate a supply cut baseline of 190,000 bpd. 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 output includes the Agbami stream and excludes Akpo condensate.

(Additional reporting by Rania El Gamal in Dubai; Editing by Dale Hudson)