OPEC output up slightly in Dec

OPEC output has risen slightly in December as Nigerian supply increased, a Reuters survey found on Thursday, indicating the group has yet to boost production substantially in response to prices at a 26-month high.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.75 million barrels per day (bpd) this month, up from 26.70 million bpd in November, according to the survey of oil companies, OPEC officials and analysts.

The survey found that the 11 members of OPEC bound by a December 2008 agreement to reduce their output by 4.2 million bpd delivered 55 percent of that reduction in December, compared with 56 percent in November.

Total OPEC supply including Iraq has risen 70,000 bpd, according to the survey.

Following is output in millions of barrels per day. Totals may not add due to rounding.

December November Implied total Implied

output output cut* target

Algeria 1.27 1.25 0.2 1.2

Angola 1.6 1.69 0.24 1.52**

Ecuador 0.46 0.46 0.07 0.43

Iran 3.67 3.69 0.56 3.34

Kuwait 2.3 2.31 0.37 2.22

Libya 1.59 1.58 0.25 1.47

Nigeria 2.24 2.15 0.32 1.67

Qatar 0.81 0.81 0.12 0.73

Saudi Arabia 8.25 8.25 1.32 8.05

UAE 2.3 2.28 0.38 2.22

Venezuela 2.26 2.23 0.36 1.99

OPEC 11 26.75 26.70 4.2 24.84

Iraq 2.39 2.37

TOTAL OPEC 29.14 29.07

Overproduction 1.91 1.86

Cut achieved 2.29 2.34

Compliance 55 pct 56 pct

* Includes cut of 2.2 million bpd starting from Jan. 1, 2009 and 2 million bpd of previously agreed curbs, which remain in effect. The breakdown comes from an OPEC document obtained by Reuters during the group's December 2008 meeting and was not officially released by OPEC.

** Angola says its target is 1.656 million bpd. OPEC has not clarified whether this or 1.52 million bpd is Angola's target.

OPEC quotas exclude condensate and natural gas liquids and apply to supply rather than wellhead output, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes Neutral Zone.

Saudi data excludes oil produced for Bahrain. Venezuelan data includes upgraded synthetic oil. Nigerian output includes the Agbami stream and excludes Oso and Akpo.

(Reporting by Alex Lawler; Editing by Barbara Lewis)

OPEC output up slightly in Dec - Reuters survey