Page 9 - MEOG Week 26 2022
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MEOG POLICY & SECURITY MEOG
Nigerian oil minister says OPEC+
running low on spare capacity
OPEC+ NIGERIA’S Minister of State for Petroleum more or less.”
Resources Timipre Sylva said on June 24 that Sylva went on to say that he did not expect
members of the OPEC+ group were running the OPEC+ group to deviate from its previously
out of capacity to expand crude oil production. planned schedule of production increases at the
Speaking in advance of the group’s meeting, upcoming meeting.
Sylva said that even the biggest members of the “At this moment, I think the prices are firming
group had only limited capacity for pushing out- up and I don’t think there will be any surprises in
put levels up. OPEC in August,” he remarked.
“Some people believe the prices to be a little He also commented on Nigeria’s inability to
bit on the high side and expect us to pump a little meet its own OPEC production quotas, calling
bit more, but at this moment there is really little the country’s persistent failure to produce the
additional capacity,” he told reporters. full amount allotted “very sad for us.” Operators
The limits on spare capacity are clear, even working in Nigeria are hoping to bring output up
for Saudi Arabia and Russia, which are by far to the level of the quota within the next couple
the largest oil producers in the OPEC+ group, of months and will then strive to keep it there,
he stated. Sylva said.
Sylva also noted the constraints Russia was “By end of August generally, the commitment
facing because of the Western sanctions imposed is that we’re at least going to produce our OPEC
in response to the invasion of Ukraine, saying: quota and then of course look at going even
“[Of] course, Russia is out of the market now, beyond that after August,” he told reporters.
Indirect talks between Iran,
US end without agreement
IRAN TWO days of indirect talks between Iran and the Tehran’s insistence that Washington remove
US in Qatar arranged in an attempt at ending a the Islamic Revolutionary Guard Corps (IRGC),
deadlock over how to relaunch the 2015 nuclear a state entity, from its Foreign Terrorist Organi-
deal, or JCPOA, between Tehran and the major zations (FTO) list is thought to be the key obsta-
powers on June 29 ended without an agreement, cle preventing Iran and the US from sealing an
according to Enrique Mora, the envoy of the EU, agreement.
which brokered the negotiations. The JCPOA was formulated to verifiably curb
The talks ended without the progress “the Iran’s nuclear development programme to ensure
EU team as coordinator had hoped for”, Mora it stays entirely civilian. In return for complying
tweeted after the end of the talks. “We will keep with the pact, Iran is supposed to be rewarded
working with even greater urgency to bring back with the lifting of economic sanctions.
on track a key deal for non-proliferation and
regional stability,” Mora added.
Mora shuttled between Iran’s nuclear talks
representative Ali Bagheri Kani and Washing-
ton’s special Iran envoy Rob Malley at the venue
in Qatar where the talks were held.
“What prevented these negotiations from
coming to fruition is the US insistence on its
proposed draft text in Vienna [where the previ-
ous rounds of talks took place over the course
of 11 months until March] that excludes any
guarantee for Iran’s economic benefits,” Iran’s
semi-official Tasnim News Agency reported,
citing informed sources at the talks.
Week 26 29•June•2022 www. NEWSBASE .com P9
