Page 14 - MEOG Week 09 2022

MEOG NEWS IN BRIEF MEOG

OIL Iranian Minister of Petroleum about the oil “I have to point out that now OPEC+ is
market. not concerned about the fundamentals of the
Iran ready to ramp up of the world and the recent rise in world oil market, including oil supply and demand in
Regarding security tensions in some parts
the short run, but the current concern of all
output ASAP prices and how OPEC+ would react to these producing countries is the weak oil supply in
the medium term due to delays in upstream
developments, Owji said: “The occurrence of
Iranian Minister of Petroleum Javad Owji said political and economic crises in the world has investments,” he said. “This issue should be
the country would readily enhance its crude various consequences and price fluctuations considered as an agenda.”
oil output to help stabilize the global market. are one of these consequences, so OPEC+ is SHANA
Speaking on Wednesday, March 2, fully prepared to take appropriate action in
following the 26th ministerial meeting of this regard, if necessary, by closely monitoring First Saudi oil cargo to
the OPEC+ (Organization of the Petroleum the market.”
Exporting Countries and its allies), Mr. Owji He added: “However, the part of the arrive in Pakistan
talked about the decisions of the meeting. situation that goes back to the fluctuation and
“Today’s decision was a continuation of last increase of prices is rooted in the political As the $1.2 billion Saudi Oil Facility has been
month’s decision to increase daily production actions and decisions of certain countries, operationalized, the first oil tanker is expected
of the group by 400,000 barrels of oil for which on the one hand impose sanctions on to arrive in Pakistan during the third week of
April 2022 with regard to the report of the major oil producers and on the other hand March 2022.
joint technical committee and assessments cause crisis and wars in different parts of the To discuss related formalities and
of experts of the global economic outlook world; stabilizing the oil market and reducing subsequent bilateral developments,
and the determining factors in the oil market price fluctuations is only possible through Ambassador of the Kingdom of Saudi Arabia,
during the year,” he said. cooperation and changing tense approaches.” Nawaf bin Saeed Al-Malkiy, and Director-
He added: “OPEC+ emphasized on The Minister of Petroleum said: “As I General Saudi Development Fund (SFD), Dr.
its continuous and regular monitoring of emphasized earlier, the Islamic Republic of Saud Ayid R. Alshammari, called on Federal
market developments and the continuation Iran is ready to increase its oil supply to world Minister for Economic Affairs, Omar Ayub
of implementation of necessary measures to markets as soon as possible, and it is up to the Khan, in Islamabad on Wednesday.
maintain stability of the oil market, and the major consuming countries that must take The Minister for Economic Affairs
countries present expressed readiness to take the necessary actions to maintain stability and acknowledged the timely operationalization of
appropriate measures to maintain the stability calm in the oil market.” the Saudi Oil Facility for import for petroleum
of the oil market if necessary and protect the Owji added: “The Islamic Republic of Iran, products on a one-year deferred payment
achievements of this agreement.” as one of the largest oil and gas producers in basis. Under this facility, Pak Arab Refinery
“According to the latest statistics and the world and relying on its huge hydrocarbon Limited (PARCO) and National Refinery
reports, thanks to the improvement of resources and production capacity, is ready to Limited (NRL) will import petroleum
economic indicators in the world, especially take action in this field.” products up to US$ 100 million per month
in the major oil consuming economies, and He added: “We are ready to enhance from Saudi Arabia. The first oil tanker is
at the same time the good commitment of our crude oil output as soon as possible. expected to arrive in Pakistan in the third
OPEC+ members, which reached 129% in According to the plans and actions taken at week of the ongoing month.
January, global oil markets are moving toward the level of the Ministry of Petroleum and the The Minister shared that Economic Affairs
balance and stability, despite some concerns National Iranian Oil Company, we are able to Division was going to implement the triad
about the Omicron variant of the virus and ramp up our oil production quickly and meet approach, i.e., physical progress verification
a number of geopolitical unrests,” said the the needs of our customers.” by satellite with SUPARCO’s collaboration,

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