OPEC oil output hits lowest since 2011 on Saudi cut, sanctions - Reuters survey

* OPEC oil output drops by 280,000 bpd in July
* Iran and Venezuela production drops
* New supply-cut accord started in January
* For output by country, compliance, click on By Alex Lawler
LONDON, July 31 (Reuters) - OPEC oil output hit an
eight-year low in July as a further voluntary cut by top
exporter Saudi Arabia deepened losses caused by U.S. sanctions
on Iran and outages elsewhere in the group, a Reuters survey
found.
The 14-member Organization of the Petroleum Exporting
Countries pumped 29.42 million barrels per day (bpd) this month,
the survey showed, down 280,000 bpd from June's revised figure
and the lowest OPEC total since 2011.
The survey suggests Saudi Arabia is sticking to its plan of
voluntarily restraining output by more than called for by an
OPEC-led supply deal to support the market. OPEC renewed the
supply pact this month, shrugging off pressure from U.S.
President Donald Trump to pump more. Despite lower OPEC supplies, crude oil LCOc1 has fallen
from a 2019 high above $75 a barrel in April to $65 on
Wednesday, weighed down by concern about slowing economic
growth.
"Bulging global oil stocks have failed to decline and the
market remains well supplied," said Stephen Brennock of oil
broker PVM, despite the OPEC-led cuts.
OPEC, Russia and other non-members, known as OPEC+, agreed
in December to reduce supply by 1.2 million bpd from Jan. 1 this
year. OPEC's share of the cut is 800,000 bpd, to be delivered by
11 members and exempting Iran, Libya and Venezuela.
In July, the 11 OPEC members bound by the agreement, which
now runs until March 2020, achieved 163% of pledged cuts, the
survey found. All three exempt producers also pumped less oil.
The biggest supply drop came from Saudi Arabia, which has
cut supply even further below its OPEC target in a bid to reduce
oil inventories. The survey pegged Saudi production at 9.65
million bpd, down from its quota of 10.311 bpd. The United States reimposed sanctions on Iran in November
after pulling out of a 2015 nuclear accord between Tehran and
six world powers. In bid to cut Iran's sales to zero, Washington
in May ended sanctions waivers for importers of Iranian oil.
Iran's crude exports declined to as little as 100,000 bpd in
July, according to tanker data and an industry source, from more
than 2.5 million bpd in April 2018. In Venezuela, supply fell slightly due to the impact of a
power blackout, U.S. sanctions on state oil company PDVSA and a
long-term decline in production, according to the survey.
"There was a blackout on July 22 which the various fields
were slow to recover from," said an industry source who tracks
Venezuelan output. Libyan production dropped due to a stoppage at the Sharara
oilfield, the country's largest. Output fell in Nigeria, but Africa's largest exporter which
is seeking a higher OPEC quota continued to produce above its
target by the largest margin.
Among countries with higher output, Gulf producers Kuwait
and the United Arab Emirates both raised supply while remaining
below their OPEC targets.
July output is the lowest by OPEC since 2011, excluding
membership changes that have taken place since then, Reuters
surveys show.
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 consulting firms.