From: Wagner, Jonathan
Sent: Tuesday, April 14, 2020 5:30:16 AM (UTC-06:00) Central Time (US & Canada)
To: Wagner, Jonathan
Subject: How the Biggest Ever OPEC+ Oil Output Cuts Will Be Divided – Bloomberg
The OPEC+ alliance agreed on a historic deal to cut oil production by 9.7 million barrels a day to stem a slump in the market. While that’s the biggest ever intervention in the crude market, it is slightly lower than the initial agreement of 10 million a day as Mexico resisted its pro-rata level. Here is what the breakdown of the deal would look like for May and June. Iran, Libya and Venezuela are exempt from the curbs.
|
(k b/d) |
Reference Production |
Voluntary Adj |
% Cut of Total Outpu |
Proposed Voluntary |
|
Algeria |
1,057 |
-241 |
-23% |
816 |
|
Angola |
1,528 |
-348 |
-23% |
1,180 |
|
Congo |
325 |
-74 |
-23% |
251 |
|
Eq. Guinea |
127 |
-29 |
-23% |
98 |
|
Gabon |
187 |
-43 |
-23% |
144 |
|
Iraq |
4,653 |
-1,061 |
-23% |
3,592 |
|
Kuwait |
2,809 |
-641 |
-23% |
2,168 |
|
Nigeria |
1,829 |
-417 |
-23% |
1,412 |
|
Saudi Arabia |
11,000 |
-2,508 |
-23% |
8,492 |
|
U.A.E. |
3,168 |
-722 |
-23% |
2,446 |
|
Azerbaijan |
718 |
-164 |
-23% |
554 |
|
Bahrain |
205 |
-47 |
-23% |
158 |
|
Brunei |
102 |
-23 |
-23% |
79 |
|
Kazakhstan |
1,709 |
-390 |
-23% |
1,319 |
|
Malaysia |
595 |
-136 |
-23% |
459 |
|
Mexico |
1,753 |
-100 |
-6% |
1,653 |
|
Oman |
883 |
-201 |
-23% |
682 |
|
Russia |
11,000 |
-2,508 |
-23% |
8,492 |
|
Sudan |
75 |
-17 |
-23% |
58 |
|
South Sudan |
130 |
-30 |
-23% |
100 |
|
OPEC 10 |
26,683 |
-6,085 |
-23% |
20,598 |
|
Non-OPEC |
17,170 |
-3,616 |
-21% |
13,554 |
|
OPEC+ |
43,853 |
-9,700 |
-22% |
34,153 |
The cuts will taper off to 7.7 million barrels a day in the second half of this year, and to 5.8 million from January 2021 to April 2022, according to an April 12 OPEC statement. The next OPEC+ meeting is scheduled on June 10, and there could be other gatherings in the following months, giving the group numerous opportunities to revise their longer-term plans.
|
Production Targets (K B/D) |
July-December 2020 |
January 2021-April 2022 |
|
Algeria |
864 |
912 |
|
Angola |
1,249 |
1,319 |
|
Congo |
266 |
281 |
|
Eq. Guinea |
104 |
110 |
|
Gabon |
153 |
161 |
|
Iraq |
3,804 |
4,016 |
|
Kuwait |
2,297 |
2,425 |
|
Nigeria |
1,495 |
1,579 |
|
Saudi Arabia |
8,993 |
9,495 |
|
U.A.E. |
2,590 |
2,735 |
|
Azerbaijan |
587 |
620 |
|
Bahrain |
168 |
177 |
|
Brunei |
83 |
88 |
|
Kazakhstan |
1,397 |
1,475 |
|
Malaysia |
486 |
514 |
|
Mexico |
1,753 |
1,753 |
|
Oman |
722 |
762 |
|
Russia |
8,993 |
9,495 |
|
Sudan |
61 |
65 |
|
South Sudan |
106 |
112 |
|
OPEC 10 |
21,815 |
23,032 |
|
Non-OPEC |
14,058 |
15,061 |
|
OPEC+ |
36,173 |
38,093 |
Jonathan Wagner
Ion Energy Group
180 Maiden Lane 25th Floor
New York, NY 10005
Direct: 212-709-2261
Cell: 914-843-6986
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