Dec 5 (Reuters) - The following are changes in OPEC's output
targets dating from efforts to support oil prices in the late
1990s.
The Organization of the Petroleum Exporting Countries (OPEC)
and non-OPEC producers are currently cutting output by 1.2
million barrels (bpd), with OPEC's share set at 800,000 bpd,
under a deal set to expire in March 2020.
OPEC and its allies are holding oil policy review meetings
on Dec. 5-6 in Vienna. (Volumes are in millions of barrels per day.)
Venue agreed Adjustment Volume
OPEC (OPEC+) OPEC
April 1998 Riyadh -1.355 25.95
July 1998 Amsterdam/Vienna -1.255 24.69
April 1999 The Hague/Vienna -1.716 22.97
April 2000 Vienna +1.716 24.69
July 2000 Vienna +0.708 25.40
October 2000 Vienna +0.800 26.20
November 2000 Vienna +0.500 26.70
February 2001 Vienna -1.500 25.20
April 2001 Vienna -1.000 24.20
September 2001 by phone -1.000 23.20
January 2002 Cairo -1.500 21.70
January 2003 Vienna +1.300 23.00
February 2003 Vienna +1.500 24.50
June 2003 Vienna +0.900 25.40
November 2003 Vienna -0.900 24.50
April 2004 Algiers -1.000 23.50
July 2004 Beirut +2.000 25.50
August 2004 Beirut +0.500 26.00
November 2004 Vienna +1.000 27.00
March 2005 Isfahan +0.500 27.50
July 2005 Vienna +0.500 28.00
November 2006 Doha -1.200 26.30
February 2007 Abuja -0.500 25.80
November 2007 Vienna +0.500 27.25
September 2008 Vienna -0.520 28.80
October 2008 Vienna -1.500 27.30
December 2008 Oran -2.200 24.84
December 2011 Vienna 30.00
December 2015 Vienna limit scrapped
September 2016 Algiers -0.75 32.5-33*
November 2016 Vienna -1.2 (-1.800) 29.804**
June 2017 Vienna n/a 29.982***
June 2018 Vienna n/a (+1.000) 29.982^
December 2018 Vienna -0.800 (-1.200) 26.026^^
* Proposed OPEC supply cut and target
** Targets announced for 11 OPEC members amounting to a cut of
about 1.2 million bpd
*** Equatorial Guinea joined OPEC and received an output target
^ No new targets announced. Ministers said supply by the
participating OPEC and non-OPEC producers would rise by 1
million bpd. No OPEC-only increase was disclosed.
^^ Targets announced for 11 OPEC members amounting to a cut of
about 0.8 million bpd. Volume includes amended Nigerian target
which emerged in October 2019