* OPEC oil output rises by 80,000 bpd in August
* Nigeria, Iraq boost output, Gulf producers keep output
* New accord on supply cuts started in January
* For output by country, compliance, click on By Alex Lawler
LONDON, Aug 30 (Reuters) - OPEC oil output has risen in
August for the first month this year as higher supply from Iraq
and Nigeria outweighed restraint by top exporter Saudi Arabia
and losses caused by U.S. sanctions on Iran, a Reuters survey
found.
The 14-member Organization of the Petroleum Exporting
Countries has pumped 29.61 million barrels per day (bpd) this
month, the survey showed, up 80,000 bpd from July's revised
figure which was the lowest OPEC total since 2014.
The survey indicates Saudi Arabia is not deviating from its
plan of restraining output by more than called for by an
OPEC-led supply deal to support the market. Despite calls this
year from U.S. President Donald Trump on OPEC to raise output,
the producers renewed the supply pact in July.
OPEC's supply curbs should eventually start to support the
price of crude LCOc1 , which has fallen from a 2019 high above
$75 a barrel in April to $61 on Friday on concern about slowing
oil demand and economic growth, analysts at Commerzbank (DE:CBKG) said.
"Even the moderate demand growth that can be expected is
likely – given the considerable production discipline shown by
OPEC – to result in an ongoing tightening of supply and to
support rising prices," Commerzbank analyst Eugen Weinberg said.
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 August, the 11 OPEC members bound by the agreement, which
now runs until March 2020, achieved 136% of pledged cuts, down
from 150% in July, the survey found. Two of the three exempt
producers pumped less oil.
The biggest supply boost of 80,000 bpd came from Nigeria,
Africa's largest exporter, which is seeking a higher OPEC quota
and in August continued to produce above its target by the
largest margin.
The second-largest rise of 60,000 bpd came from Iraq, which
boosted exports from both its northern and southern outlets
according to the survey.
Smaller increases came from Libya, where the country's
largest oilfield, El Sharara, resumed output on or around Aug. 8
following an outage. Kuwaiti output climbed slightly while
remaining below its quota, the survey found.
Saudi Arabia, which in July cut supply even further below
its OPEC target in a bid to reduce inventories, has kept output
at a similar rate in August. The survey pegged Saudi production
at 9.63 million bpd, down from its quota of 10.311 bpd.
Fellow Gulf producer the United Arab Emirates also kept
output flat and below its target.
Among countries with lower output, Iran posted the largest
decline of 50,000 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 a bid to cut Iran's sales to zero,
Washington in May ended sanctions waivers for importers of
Iranian oil.
In Venezuela, supply fell slightly due to the impact of U.S.
sanctions on state oil company PDVSA and a long-term decline in
production, according to the survey.
July's output was the lowest by OPEC since March 2014,
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.