* Saudi, Gulf allies cut more oil than new deal calls for
* Nigeria, Iraq trim supply but still exceed new quotas
* Libyan output posts biggest drop on unrest
* Output by country, compliance: By Alex Lawler
LONDON, Jan 31 (Reuters) - OPEC oil output plunged in
January to a multi-year low as top exporter Saudi Arabia and
other Gulf members overdelivered on a new production-limiting
accord and Libyan supply dropped due to a blockade of ports and
oilfields, a Reuters survey found.
On average, the 13-member Organization of the Petroleum
Exporting Countries pumped 28.35 million barrels per day (bpd)
this month, according to the survey. That is down 640,000 bpd
from December's revised figure.
Despite the drop in supply, crude prices LCOc1 have
slipped to below $60 a barrel on concern that the coronavirus
outbreak could cut China's oil demand. This has prompted OPEC
and its allies to discuss holding an early meeting and taking
further steps to support the market. OPEC, Russia and other allies, known as OPEC+, agreed to
deepen an existing supply cut by 500,000 bpd from Jan. 1 2020.
OPEC's share of the new reduction is about 1.17 million bpd, to
be made by 10 members, all except Iran, Libya and Venezuela.
The 10 OPEC members bound by the agreement easily exceeded
the pledged cuts in January thanks to Saudi Arabia and its Gulf
allies cutting more than called for to support the market.
OPEC complied with 133% of the pledged cuts in January, the
survey found. In December, the group implemented 158% of the
promised curbs.
January's output was the lowest by OPEC since 2009, the year
in which the group implemented its biggest-ever supply cut due
to the financial crisis, excluding membership changes that have
taken place since then, according to Reuters surveys.
LIBYAN PLUNGE
Oil output in Libya has plunged since Jan. 18 due to a
blockade of ports and fields by groups loyal to eastern-based
commander Khalifa Haftar.
Production in Libya averaged 760,000 bpd during the month,
the survey found, down from 1.15 million bpd in December.
Saudi Arabia trimmed supply from December's rate,
voluntarily going beyond the reduction it is required to make
under the OPEC+ accord. Gulf ally the United Arab Emirates also
overdelivered, sources in the survey said.
The January survey suggests Nigeria and Iraq, both laggards
in making cuts in 2019, achieved some progress. Both countries
reduced output although they have more to do in later months.
Among countries pumping more, Venezuela, which is contending
with U.S. sanctions imposed on state oil firm PDVSA and a
long-term decline in output, managed a small boost to supply
with exports increasing in January.
Production from the other exempt producer Iran, under U.S.
sanctions, was steady.
Ecuador left OPEC at the end of 2019, lowering OPEC
production by about 500,000 bpd. The country has been removed
from December's total to compare more easily production by
remaining members.
The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv
Eikon flows data and information provided by sources at oil
companies, OPEC and consultants.
OPEC oil supply cuts https://tmsnrt.rs/2OYm9OG
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(Editing by Susan Fenton)