News wire - The following are changes in oil output
limits by the Organization of the Petroleum Exporting Countries,
dating from efforts in the late 1990s to prop up prices.
The last change was in December 2018, when OPEC and non-OPEC
countries agreed to lower supply by 1.2 million barrels per day
for six months. OPEC's share of the cut is 800,000 bpd. At their
last meeting, held in July, the producers extended the deal
until March 2020.
OPEC and its allies hold their next oil policy review
meetings on Dec. 5-6 in Vienna. They are expected to extend the
agreement further into 2020.
Volumes are in millions of barrels per day.
Venue agreed - Adjustment - Volume
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 29.804**
June 2017 Vienna n/a 29.982***
June 2018 Vienna +1.00 29.982^
December 2018 Vienna -0.800 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
