Page 8 - MEOG Week 26 2022

MEOG POLICY & SECURITY MEOG

France the latest to call

for oil production increase

OPEC+ FRENCH officials this week called for oil-pro- our maximum production capacity based on its
ducing countries to increase output, while sug- current OPEC+ production baseline,” he said.
gesting that exports from Iran and Venezuela Under the latest deal, the UAE has a quota of
should be allowed to return to the market. 3.075mn bpd in June and 3.127mn bpd in July.
Speaking during the G7 summit in Ger- However, the UAE and Abu Dhabi National Oil
many, an official from the administration of Co. (ADNOC) have raised its maximum sus-
President Emmanuel Macron said: “We need tainable capacity (MSC) to 4.2mn bpd as part of
the oil-producing countries to produce more in wider efforts to reach 5mn bpd by 2030.
an exceptional way,” noting there are “resources Meanwhile, Macron’s comments suggest that
elsewhere that must also be explored.” Saudi Arabia is producing around 10.5mn bpd,
The official called for “diversification of sup- below its June quota of 10.663mn bpd. This will
plies” and said: “There is a knot to untie if neces- rise to 10.833mn bpd in July. Under Riyadh’s
sary [between the US and Iran … so that Iranian direction, Saudi Aramco is working to increase
oil … and Venezuelan oil can also be able to be MSC from around 12mn bpd to 13mn bpd by
put back on the market.” 2027, with Energy Minister Prince Abdulaziz
The comments came ahead of revelations bin Salman al Saud saying recently it could reach
that during a call with Macron, the UAE’s Sheikh 13.4mn bpd by the same date.
Mohammed bin Zayed al-Nahyan (MbZ) said US President Joe Biden is expected once
that country was running full capacity. “I had a again to press for an increase in oil production
Targets (mbpd)
call with MbZ,” Macron told US President Joe when he meets Crown Prince Mohammed bin
August 2022
July 2022
Biden during the event: “He told me two things. Salman (MbS) al Saud when he visits Saudi Ara- Increase
OPEC
I’m at a maximum, maximum. This is what he bia in July.
claims.” Algeria 1.039 1.055 1.54%
Macron added: “And then he said [the] Saudis OPEC+ meeting 1.502 1.525 1.53%
Angola
can increase by 150(,000 barrels per day (bpd). The OPEC+ group met this week and rubber- 0.325 1.56%
Congo (Brazzaville)
0.32
Maybe a little bit more, but they don’t have huge stamped the planned 648,000-bpd easing of out- 0.127 1.60%
0.125
Equatorial Guinea
capacities before six months’ time.” put restrictions agreed for both July and August 0.186 1.64%
Gabon
0.183
Once news of the comments became public, at the last meeting.
However, as most member countries con-
UAE Energy Minister Suhail bin Mohammed Al Iran Exempt Exempt
4.58
Iraq
Mazrouei clarified to state news agency WAM tinue to struggle to raise output to meet their 4.651 1.55%
2.768
Kuwait
that production is running at the maximum quotas, few in the industry would expect the 2.811 1.55%
Exempt
Libya
allowed under the OPEC+ deal to constrain producers to achieve either the 43.2mn bpd set Exempt
output. “In light of recent media reports, I would for July or the 43.9mn bpd level permitted dur- 1.826 1.50%
1.799
Nigeria
Saudi Arabia
like to clarify that the UAE is producing near to ing August.™ 10.833 11.004 1.58%
UAE 3.127 3.179 1.66%
Venezuela Exempt Exempt
Targets (mbpd) Total 26.276 26.689 1.57%
July 2022 August 2022 Increase
OPEC Non-OPEC
Algeria 1.039 1.055 1.54% Azerbaijan 0.706 0.717 1.56%
Angola 1.502 1.525 1.53% Bahrain 0.202 0.205 1.49%
Congo (Brazzaville) 0.32 0.325 1.56% Brunei 0.1 0.102 2.00%
Equatorial Guinea 0.125 0.127 1.60% Kazakhstan 1.68 1.706 1.55%
Gabon 0.183 0.186 1.64% Malaysia 0.585 0.594 1.54%
Iran Exempt Exempt Mexico 1.753 1.753 0.00%
Iraq 4.58 4.651 1.55% Oman 0.868 0.881 1.50%
Kuwait 2.768 2.811 1.55% Russia 10.833 11.004 1.58%
Libya Exempt Exempt Sudan 0.074 0.075 1.35%
Nigeria 1.799 1.826 1.50% South Sudan 0.128 0.13 1.56%
Saudi Arabia 10.833 11.004 1.58% Total 16.929 17.167 1.41%
UAE 3.127 3.179 1.66% OPEC+ 43.205 43.856 1.51%
Venezuela Exempt Exempt
Total 26.276 26.689 1.57%
Non-OPEC
Azerbaijan 0.706 0.717 1.56%
Bahrain 0.202 0.205 1.49%
Brunei 0.1 0.102 2.00%
1.68
1.55%
P8 Kazakhstan 0.585 1.706 www. NEWSBASE .com Week 26 29•June•2022
0.594
Malaysia
1.54%
Mexico 1.753 1.753 0.00%
Oman 0.868 0.881 1.50%
Russia 10.833 11.004 1.58%
Sudan 0.074 0.075 1.35%
South Sudan 0.128 0.13 1.56%
Total 16.929 17.167 1.41%
OPEC+ 43.205 43.856 1.51%