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OPEC+ Sets Crude Output Targets for 2024 -Bloomberg

(AFP)

Julian Lee, Bloomberg News

VIENNA
EnergiesNet,.com 06 09 2023

The table below shows what individual OPEC+ group members will be permitted to pump in 2024, after the oil producers agreed Sunday to revise targets for some members who have been unable to meet their existing quotas.

While the new targets appear to result in a 1.4 million barrel a day output cut, they will actually yield a 200,000 barrel a day increase in the group’s real output.

The United Arab Emirates will raise production in line with its higher target, and cuts to those of other members will do no more than bring them closer to current production levels, requiring no actual barrels pumped to be removed.

Output targets for the remainder of 2023 remain unchanged, although several members of the group made additional voluntary cuts from May and Russia introduced its own output reduction of 500,000 barrels a day with effect from March, in retaliation for Western sanctions and price caps on its oil exports.

The table below shows production targets in thousands of barrels a day, or click here for a link to the original document.

 MAY THROUGHTO DEC. 2023MAY-DEC. 2023WITH VOLUNTARY CUTS2024CHANGE INTARGETS
Algeria1,0079591,0070
Angola1,4551,4551,280-175
Congo310310276-34
Eq. Guinea12112170-51
Gabon1771691770
Iraq4,4314,2204,4310
Kuwait2,6762,5482,6760
Nigeria1,7421,7421,380-362
Saudi Arabia10,4789,97810,4780
UAE3,0192,8753,219+200
Azerbaijan684684551-133
Bahrain1961961960
Brunei979783-14
Kazakhstan1,6281,5501,6280
Malaysia567567401-166
Mexico1,7531,7531,7530
Oman8418018410
Russia10,4789,3289,828-650
South Sudan1241241240
Sudan727264-8
OPEC-1025,41624,37724,994-422
Non-OPEC16,44015,17215,469-971
OPEC+41,85639,54940,463-1,393
  • NOTE: Russia’s 2023 target with voluntary cuts is based on a reduction of 500,000 barrels a day applied to its Feb-23 production level of 9.828 million barrels a day as reported by OPEC’s secondary sources
  • NOTE: The 2024 production targets for Angola, Congo, Nigeria and Russia are subject to independent assessment and possible revision
  • NOTE: OPEC members Iran, Libya and Venezuela do not have production targets
  • NOTE: Mexico’s target is back to the original baseline used before OPEC+ embarked on its series of cutbacks, since the Latin American country had only agreed to cut output for two months in May and June of 2020

bloomberg.com 06 04 2023

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