Page 10 - MEOG Week 49 2022

MEOG NEWS IN BRIEF MEOG

POLICY government.” OIL
One day prior to Qasemi’s death, Mehrdad
Former Iranian oil minister Bazrpash was voted in by lawmakers as the The world’s biggest oil
new roads and urban development minister
Qasemi dies at 58 with a parliamentary vote of 183 in favour and producers
64 against.
Rostam Qasemi, a former Iranian oil minister NEWSBASE The US is by far the world’s biggest producer
and commander in the Islamic Revolutionary of oil, having produced around 16.6mn barrels
Guard Corps (IRGC), who in early November of per day (bpd) of oil on average in 2021,
was embroiled in a controversy over COMPANIES Statista reports.
photographs that showed the woman who Saudi Arabia and Russia follow virtually
was to become his wife not wearing a hijab Sinopec signs refining, neck and neck in second and third place,
in public, has died at the age of 58, Donyaye having produced around 11 and 10.9mn
Eqtesad reported on November 13. chemical deals with Saudi barrels of oil per day respectively.
Qasemi was appointed roads and According to data compiled by BP, the
urban development minister by the Raisi firms top three countries produced more oil than
administration in August 2021, but, declaring the bottom seven countries in the top 10
poor health, in late November he submitted Sinopec has signed a framework agreement combined. Completing the top ten roundup
his resignation to the president following a with Saudi Aramco to build a Phase II 16 are Brazil with 3mn bpd and Kuwait with
leak of decade-old photographs that showed million-ton-a-year refining project and 1.5 2.7mn bpd.
him in Kuala Lumpur with his then girlfriend. million-ton-year ethylene units in Gulei, This year Russia’s oil production has held
Iranian media described Qasemi’s death as Fujian. up remarkably well, considering the sanctions
caused by a “terminal illness” but provided no The project is expected to be completed on transport and self-sanctioning by oil
more details. and operating by the end of 2025, according traders in the developed countries that are
Qasemi was filmed by Arm24 Television to a press release by Sinopec. The Chinese avoiding Russian oil.
slumped on a table during a visit to Iran of company also signed MOUs with Saudi Most of the reduction of oil exports to
Armenian Prime Minister Nikol Pashinyan Aramco and Sabic to build a liquids-to- Europe, which are down by half compared to
prior to his resignation. petrochemical facility in Yanbu, Saudi Arabia. 2021, has been taken up by India and China,
He was minister of petroleum from The cooperation is a new milestone which have become Russia’s top customers.
August 2011 to August 2013 and served as achieved through the existing collaboration In October Russia was still producing 10.7mn
the economic deputy of IRGC’s expeditionary that demonstrates mutual trust and bpd, but that fell to 9.9mn bpd in November.
Quds Force when the late Qasem Soleimani recognition of all parties, and strengthens Following the imposition of the EU’s
headed the force. their confidence to jointly cope with the oil price cap and embargo on December 5
Donyaye Eqtesad quoted an unnamed energy transition, Sinopec President Yu production is anticipated to fall and could
member of parliament as saying: “I have to say Baocai said in a statement. end the year at around 9mn bpd; however, the
that in recent weeks, after the publication of China President Xi Jinping said on Friday overall level of output for 2022 is expected to
some photos of Rostam Qasemi’s private life, the country will expand oil trade with Saudi be on a par with that of 2021 or even slightly
a wave of criticism directed at him began. Of Arabia during his visit to the kingdom that ahead. At the start of the war the government
course, the main thing for many critics of his reinforced ties between the world’s second- was predicting a 15% fall in production this
[roads and urban development] ministry is largest economy and its top supplier of crude. year.
that they believe Qasemi was at fault for not BLOOMBERG The outlook for 2023 is very uncertain
having been able to fulfil the promise to build as much depends on how successfully the
one million housing units per year for the West can enforce its oil price cap scheme, but

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