OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows

* Record OPEC+ oil supply cut took effect on May 1
* Saudi Arabia cuts much more than quota, at 138% compliance
* Iraq, Nigeria reduce output but yet to fully comply
* Output by country: By Alex Lawler
LONDON, June 30 (Reuters) - OPEC oil output hit the lowest
in two decades in June as Saudi Arabia and other Gulf Arab
members made larger cuts, a Reuters survey found, pushing group
compliance in a supply reduction pact above 100% despite
incomplete adherence by Iraq and Nigeria.
The 13-member Organization of the Petroleum Exporting
Countries pumped 22.62 million barrels per day (bpd) on average
in June, the survey found, down 1.92 million bpd from May's
revised figure.
OPEC and its allies in April agreed to a record output cut
to offset a slump in demand caused by the coronavirus crisis. An
easing of lockdowns and lower supply have helped prices LCOc1
climb above $40 from April's 21-year low of below $16 a barrel.
"Demand is expected to pick up in the second half of the
year and there is a general consensus that the OPEC+ group will
live up to expectations and will achieve high compliance in June
and July," said Tamas Varga of oil broker PVM.
OPEC, Russia and other producers, a group known as OPEC+,
agreed to cuts of 9.7 million bpd, or 10% of global output, from
May 1. OPEC's share, to be made by 10 members from October 2018
levels in the case of most countries, is 6.084 million bpd.
So far in June, they delivered 6.523 million bpd of the
pledged reduction, equal to 107% compliance, the survey found.
Compliance in May was revised up to 77%.

TWO-DECADE LOW
June's output would be the lowest by OPEC since at least
2000, excluding membership changes since then, Reuters survey
records show. PRODN-TOTAL
The biggest drop in supply came from Saudi Arabia, which
pumped 7.55 million bpd in June, almost 1 million bpd below its
OPEC+ quota, and the lowest for the kingdom since 2002 according
to Reuters surveys PRODN-SA .
The United Arab Emirates and Kuwait also delivered extra
voluntary cuts, sources in the survey said.
OPEC supply also fell because Iraq and Nigeria, which were
compliance laggards in May and in previous OPEC+ deals, made
bigger cutbacks in June.
Iraq reduced exports from the south and north of the
country, lifting its compliance to 62%, although its adherence
remained lower than that of Gulf Arab OPEC members, while
Nigeria boosted its compliance to 72%.
Iranian and Libyan supply held steady in June and Venezuelan
output dropped further. All three are exempt from voluntary cuts
because of U.S. sanctions or internal issues limiting output.
Venezuela, contending with both U.S. sanctions and a
long-term decline in output, posted another drop in exports in
June.
Oil output in Libya has plunged since January due to a
blockade of ports and fields by groups loyal to eastern-based
commander Khalifa Haftar. Talks are under way to enable a
restart.
The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv
Eikon flows data, information from tanker-trackers such as
Petro-Logistics and Kpler, and information provided by sources
at oil companies, OPEC and consultants.