Page 14 - MEOG Week 36 2022

MEOG NEWS IN BRIEF MEOG

Foreign company faces part in tenders for five years,” the paper said politicization of oil and the political use of
without identifying that firm or the delayed
energy,” he said.
ban for oil project delay in project in Mangaf, south of Kuwait City. REUTERS
ZAWYA
Kuwait Saudi Arabia lowers
State-owned Kuwait Oil Company (KOC) OIL October Arab Light crude
has decided to ban a foreign company for
five years after it was late in executing an oil Iran says the world needs prices to Asia
project, a newspaper said on Thursday.
KOC, which manages the Gulf country’s more of its oil Saudi Arabia lowered October official selling
upstream oil sector, is seeking approval prices (OSPs) for its flagship Arab light
from the Central Agency for Public Tenders Iran’s minister of petroleum Javad Owji crude it sells to Asia by nearly $4 a barrel,
(CAPT) to enforce the penalty against the said the world needed more Iranian oil, and marking the first reduction in four months,
firm, the Arabic language daily Alrai said, that his country was ready to play a role in the country’s state oil producer Aramco said
citing official oil sources. providing it away from politics, the Iranian oil on Tuesday. The world’s top oil exporter
KOC intends to enforce the punishment in ministry’s news agency SHANA reported. raised September OSPs to record high levels
line with the “4th section of Article 85” in the In a statement issued after an OPEC+ of $10.95 a barrel for Arab Extra Light against
country’s oil law stipulating imposing punitive meeting in which a minor cut was agreed, the Oman/Dubai average and $9.80 a barrel
measures against contractors who fail to Owji said current market conditions needed for Arab Light. Saudi Arabia also lowered its
complete projects on time, the report said. “careful consideration” and that cooperation Arab Light OSP to northwest Europe at $2.70
“KOC has asked CAPT for approval of within the oil alliance was helping global a barrel against ICE Brent for October, while
its decision to penalise that company…the consumers. “We have always declared that leaving it unchanged to the United States at
penalty includes a heavy fine, deletion of we are ready to contribute to our role in the $6.15 versus ASCI.
the company’s name from KOC’s record of supply of oil and oil products and to improve REUTERS
contractors and preventing it from taking energy security in the world by avoiding

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