Page 14 - MEOG Week 18 2021

MEOG NEWS IN BRIEF MEOG

the program. The initiative was negotiated remained above the level of exports during the their own output boost from May.
by ADNOC’s Legal Function outside of the same period in 2020. “The elevated levels that we are seeing from
tender cycle and completed in only two The latest report by the Organization of Iran are generally continuing,” Daniel Gerber,
months, ensuring there was no impact on Petroleum Exporting Countries (OPEC) chief executive of Petro-Logistics, a consultant
ADNOC’s operations. Some of ADNOC’s put Iranian crude output for March at 2.304 that tracks oil shipments, told Reuters this
largest providers of oilfield goods and services, million barrels per day indicating a 137,000- month.
including Baker Hughes, Halliburton, bpd increase compared to the figure for the Hoping for a demand recovery, OPEC+
Schlumberger, and Weatherford, have signed previous month. this week confirmed a plan to ease from May
up to the program. Based on OPEC data, the country’s average more of the record cuts made in 2020.
ADNOC crude output in the first quarter of 2021 stood From May Saudi Arabia will also begin
at 2.190 million barrels per day indicating a to unwind an extra voluntary cut it made in
near 197,000-bpd rise compared to the figure February, March and April.
OIL for the last quarter of 2020. The extra Saudi cut means OPEC still
Fitch Solutions Incorporation, a subsidiary pumped much less than called for under
Iran ready to raise oil of Fitch Ratings, which is one of the U.S.’s the OPEC+ deal in April. Compliance with
three biggest credit rating agencies, has also
pledged cuts was 123%, the survey found,
exports to 2.5m bpd post forecasted a 6.8-percent growth for Iranian oil versus 124% in March.
Iran, plus fellow OPEC members Libya
exports in 2021 if the U.S comes back to the
sanctions 2015 nuclear deal. and Venezuela, are exempt from making cuts,
so changes in their output do not affect the
TEHRAN TIMES
Iran’s First Vice-President Eshaq Jahangiri compliance rate.
has said the country is able to increase its oil Iran again boosts OPEC oil Iran has managed to raise exports since
exports up to 2.5 million barrels per day (bpd) the fourth quarter despite U.S. sanctions,
once the U.S. sanctions are lifted. output in April according to various assessments of the
“Oil sales have dropped a lot, but now shipments. The survey puts Iranian supply in
the situation is better, and we are in control. OPEC oil output has risen in April as higher April at 2.5 million bpd, up 200,000 bpd from
We will be able to increase oil exports to 2.5 supply from Iran countered involuntary cuts March and the biggest rise in OPEC.
million barrels per day after the removal of the and agreed reductions by other members There were small increases in Algeria,
sanctions,” Jahangiri said on Friday. under a pact with allies, a Reuters survey Nigeria and Angola. Top exporter Saudi
Iran has been ramping up its oil found, adding to signs of a 2021 recovery in Arabia kept output steady, delivering on
production over the past few months as talks Tehran’s exports. its additional cut pledge for a third month.
for reviving the 2015 nuclear deal progress. The 13-member Organization of the Output was also steady in the United Arab
Tehran has been negotiating its conditions Petroleum Exporting Countries pumped Emirates and Kuwait, the survey found.
for reviving the nuclear deal officially known 25.17 million barrels per day (bpd) in April, REUTERS
as the Joint Comprehensive Plan of Action the survey found, up 100,000 bpd from
(JCPOA) with the world powers since early March. Output has risen every month since
April. June 2020 with the exception of February. SERVICES
Oil exports have also been increasing Iran’s exports are rising as talks take place
since late 2020 despite the U.S. sanctions and to revive a 2015 nuclear deal which could Mammoet wins heavy
the Iranian Oil Ministry has announced its eventually allow more oil to the market.
readiness for boosting the country’s crude oil U.S. President Joe Biden’s administration lifting and transport project
output to the pre-sanction levels in case of the took office in January pledging to rejoin the
U.S. rejoining the nuclear deal. accord. in Saudi
Earlier in April, Reuters reported that the So far, OPEC and its allies, known as
Islamic Republic’s crude oil exports in April OPEC+, are not concerned by Iran and plan The Aramco Hawiyah Unayzah Gas Reservoir

P14 www. NEWSBASE .com Week 18 05•May•2021