Page 13 - FSUOGM Week 09 2021

FSUOGM NEWS IN BRIEF FSUOGM

Most of OPEC+ states favor is projected at 34.665mn tonnes in March. consistent sanction pressure.
Oil supplies to the Russian refineries fell
output rise by 0.5 mln bpd by 8.2% to 18.57mn tonnes in February,
and are expected at 20.47mn tonnes in
The majority of OPEC plus states are March. Ukraine’s acting energy
inclined to raise oil output by 500,000 Oil pumping via the Druzhba export minister suggests cabinet
barrels per day starting from April 1 at the pipeline dropped by 63.2% to 2.56mntonnes
next meeting on March 4, a source in one of in February, and are projected at 2.73mn should replace Naftogaz
the delegations told PRIME on March 2. tonnes in March. Delivery to the Belarusian
"Yes, the majority wants to raise refineries more than tripled in February to supervisory board
production. The situation on the market 1.08mn tonnes and are expected at 1.24mn
is positive, production will rise by 0.5mn tonnes in March. Acting Energy Minister Yuriy Vitrenko
barrels with a great degree of certainty," the Exports to China through the Eastern sent a letter on February 12 to PM Denys
official said. Siberia–Pacific Ocean oil pipeline and the Shmyhal suggesting the replacement of the
The source also said that the technical territory of Kazakhstan went down by 6.5% supervisory board and top management of
and monitoring committees of OPEC plus to 2.94mn tonnes in February, and are seen Naftogaz (NAFTO) should be immediately
are studying possible risks of the move. at 3.21mn tonnes in March. considered, lb.ua news site reported on
Russian presidential spokesman Dmitry February 15.
Peskov said that Moscow never announces Vitrenko motivates the need for
expectations from the OPEC plus meetings. replacement by weak natural gas production
"These meetings and the oil and oil EASTERN EUROPE numbers of Naftogaz (14.9bn cubic metres
product market in general like silence. in 2020, short of the plan of 20.1 bcm
This is why this meeting is being prepared, Munich Re and others exit stipulated by the Cabinet in 2017), its plan
of course, this is done by Deputy Prime to further decrease gas production (to
Minister (Alexander) Novak and we never Russian Nord Stream 2 9.9-12.5 bcm by 2025) as well as alleged
say in advance what the expectations are, financial violations revealed by the State
never announce them," Peskov said. pipeline project Audit Service for UAH75.5bn ($2.71bn) and
The OPEC+ countries agreed to reduce tax authorities for UAH37.3bn.
their oil output by significant 9.7mn barrels In the latest round of exoduses from the According to Naftogaz's charter, the
per day in May to fight the consequences of sanctioned Russian project Nord Stream company’s supervisory board can be
the global coronavirus crisis, with Russia’s 2, German insurer Munich Re Syndicate replaced any time by a shareholder meeting
share at 2.5mn barrels per day. Later the (a subsidiary of Munich Re MUVGn.DE) (where the Cabinet is the only shareholder).
cut was prolonged at 9.7mn barrels per said it would no longer insure the pipeline, Members of the company’s management
day for July, narrowed to 7.7mn barrels Reuters reported on February 23. board are appointed and dismissed by the
per day for August–December, and then to Ahead of the Munich RE announcement, supervisory board; its CEO is appointed and
5.8mn barrels per day until May 2022. The spokesman of the US Department of dismissed by a shareholder meeting upon
agreement is valid until April 30, 2022, but State Ned Price claimed that at least 15 suggestions of the supervisory board.
the member states will revise its extension companies are set to quit Nord Stream 2, Recall, Vitrenko served in top positions
in December 2021. while Der Tagesspiegel claimed that 18 at Naftogaz since 2014, where he was
companies are pulling out, Bilfinger SE associated with leading successful court
among them. battles with Gazprom. In late 2019, he
Transneft’s pumping falls business portal that it does not participate lost some areas under his control within
Bilfinger SE confirmed to Russian RBC
Naftogaz and started actively criticising top
13.8% to 33mn tonnes of oil in Nord Stream 2 at the moment, while management, which eventually led to his
dismissal in July 2020. In late December,
noting a relatively small amount of services
in February provided (€15mn versus €3.5bn annual the Cabinet appointed Vitrenko as acting
energy minister.
turnover).
Crude shipments through the As followed by bne IntelliNews, the “Poor natural gas production is indeed a
transportation system of Russian oil construction of the pipeline was halted for a weak point of Naftogaz, while the company
pipeline monopoly Transneft fell by 13.8% year due to sanctions, but Russian gas giant has always been referring to objective
on the year to 33.059mn tonnes in February, Gazprom is determined to complete both reasons for that (it was not able to acquire
and are expected to rise to 36.188mn lines of Nord Stream by the end of April new gas production licences),” an analyst at
tonnes in March, Igor Dyomin, adviser to 2021. the Kyiv-based Concorde Capital brokerage
the company’s president, told reporters on Latest reports claimed that Germany said in a research note..
March 1. is seeking to make a deal with the US for
Pumping of Russia-produced oil fell by the completion of Russian Nord Stream 2
15.5% to 31.646mn tonnes in February, and pipeline via the Baltic Sea and the relief of

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