Page 6 - MEOG Week 35 2021
P. 6
MEOG POLICY MEOG
OPEC+ unlikely to heed
US calls for output hike
OPEC+ THE OPEC+ group is unlikely to make any media outlets including Reuters, saying that a
changes to its oil output policy when members change of policy was unlikely.
meet this week, according to numerous delegates However, Kuwaiti Oil Minister Moham-
and traders. mad Al-Fares caused confusion when he said
If correct, this will give OPEC+ a total com- on August 29: “The markets are slowing. Since
bined production target of 37.14mn barrels COVID-19 has begun its fourth wave in some
per day (bpd) during September, up from the areas, we must be careful and reconsider this
36.74mn-bpd August target. The increase in increase. There may be a halt to the 400,000
output follows the agreement reached in July to (bpd) increase,” only to later clarify that Kuwait
collectively ease production cuts by 400,000 bpd would support any decision based on “consen-
each month from August and pushing back the sus” among OPEC+ members.
current April 2022 end date until the end of the “As always, the State of Kuwait supports
year. the consensus within the OPEC+ group, as all
At this rate, it will take nearly 15 months for options are explored, and confirms that no
OPEC+ to increase production by the 5.8mn decisions have been reached yet with regards to
bpd withheld under the agreement reached in the forthcoming meetings on September 1,” he
early 2020 as the group scrambled to balance the added.
market. When Fares was asked about US efforts to
In August, the US government urged OPEC lobby for a production increase, he said: “There
and its allies to ramp up production to slow ris- are meetings with OPEC countries, especially
ing gasoline prices which have been viewed as the Gulf Cooperation Council countries, and
posing a challenge to economic recovery. so far there are different views on how to handle
OPEC+ delegates were quoted by several this issue.”
Targets (mbpd) Baseline (mbpd)
August 2021 September 2021 Until end May 2022 May 2022 onwards
OPEC
Algeria 0.922 0.932 1.057 1.057
Angola 1.333 1.348 1.528 1.528
Congo (Brazzaville) 0.284 0.287 0.325
Equatorial Guinea 0.111 0.112 0.127
Gabon 0.163 0.165 0.187
Iran Exempt Exempt
Iraq 4.061 4.105 4.653 4.803
Kuwait 2.451 2.478 2.809 2.959
Libya Exempt Exempt
Nigeria 1.596 1.614 1.829 1.829
Saudi Arabia 9.6 9.704 11.000 11.500
UAE 2.765 2.795 3.168 3.500
Venezuela Exempt Exempt
Non-OPEC
Azerbaijan 0.627 0.633 0.718 0.718
Bahrain 0.179 0.181 0.205 0.205
Brunei 0.089 0.09 0.102 0.102
Kazakhstan 1.491 1.508 1.709 1.709
Malaysia 0.519 0.525 0.595 0.595
Mexico 1.753 1.753 Exempt Exempt
Oman 0.771 0.779 0.883 0.883
Russia 9.6 9.704 11.000 11.500
Sudan 0.065 0.066 0.075 0.075
South Sudan 0.113 0.115 0.130 0.130
P6 www. NEWSBASE .com Week 35 01•September•2021
