Page 13 - MEOG Week 06 2021

MEOG NEWS IN BRIEF MEOG

POLICY capacity was about 4 million b/d. The 900 US military personnel and
“Iran’s oil fields and regional producing contractors in the region “are not authorized
Iran activates plan for oil companies have already received a planned to provide assistance to any other private
schedule and orders to increase their
company, including its employees or agents,
comeback in test for Biden production, said Sara Vakhshouri, president of seeking to develop oil resources in Syria,”
energy consultancy SVB Energy International.
Kirby said.
Emboldened by the change in US presidency, “If there are less export restrictions and Iran The only exception is when US troops
Iran is pushing more oil onto the market, even could gradually increase its export, we can in Syria are operating under existing
as sanctions remain in place, as it looks ahead expect a gradual output rise of about 120,000- authorizations to protect civilians, he said,
to a full return to the global oil market as 150,000 b/d each month, in the coming which could explain the continuing presence
demand recovers from the pandemic. months.” of US forces around the area of the oil fields.
Preliminary estimates suggest that Iran Platts Analytics said the US and Iran could “It’s important to remember that our
many have shipped somewhere between reach a framework agreement to restore the mission there remains to enable the enduring
800,000 b/d to 1 million b/d of crude and nuclear deal, or Joint Comprehensive Plan of defeat of ISIS,” he said, referring to the Islamic
condensate last month, largely to China. That Action deal, as early as the next 1-3 months, State.
is a sharp rise from last year when tough US with Iranian crude supply to grow by 1 The shift is more a change in tone by the
sanctions enforcement pushed volumes as low million b/d between February and December. new US President Joe Biden from Trump’s
as 500,000 b/d in some months, according to Full sanctions relief may not happen until policy for the decade-old Syrian civil war.
industry and shipping sources. the fourth quarter, however, assuming Iran The main oil fields are in territory in the
But the path to a truce that would fully would need four months to return its uranium country’s northeast, a region where the US-
unlock Iran’s approximately 2.6 million b/d enrichment levels to JCPOA compliance, allied Kurdish Syrian Democratic Forces hold
export capacity remains complicated. Platts Analytics said. sway and depend on the oil for income.
Iran must return its nuclear material “Output then grows by 500,000 b/d by June In 2019, after the Syria-Iraq Islamic State
stockpiles back to levels specified in the deal 2022 and 150,000 b/d by end-2022,” it said in “caliphate” was crushed by US and allied
before talks take place, US President Joe Biden a recent note. forces, Trump declared that US troops would
has said, while Tehran says Washington needs S&P GLOBAL PLATTS mostly withdraw from the country, leaving
to show good faith by pulling back stringent behind a residual force to “protect” the oil.
sanctions reimposed by his predecessor US forces focus on IS, not US officials said at the time that they were
Donald Trump when the US withdrew from there to prevent the oil fields from falling into
the agreement in mid-2018. on protecting Syrian oil the hands of extremists.
Iranian crude production has climbed The next year a previously unknown US oil
steadily since the US election in November. fields company, Delta Crescent Energy, signed a deal
In January, Iran pumped 2.14 million b/d with the Kurds to exploit the oil deposits.
of crude, its highest since November 2019, US forces in Syria are focused on fighting the AFP
according to the latest S&P Global Platts remnants of the Islamic State group and are
survey of OPEC output. not guarding oil fields as previously ordered Qatar says ready to help
More is likely to come, sources have told by former President Donald Trump, a US
Platts, particularly in the run-up to the Iranian defense official said Monday. Lebanon when new govt
new year Nowruz celebrations in late March. Since a US firm contracted last year with
The government recently ordered its the Kurds in northern Syria to help exploit formed
domestic oil operators to ramp up operations, northeastern Syria oil reserves, US troops are
largely from the South Azadegan and West not involved, said Pentagon spokesman John Qatar’s foreign minister Tuesday said his
Karun fields. Pre-sanctions crude production Kirby. country was ready to help kick-start Lebanon’s

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