Page 6 - MEOG Week 22 2022
P. 6
MEOG POLICY & SECURITY MEOG
OPEC+ speeds up production
uptick amid Russia concerns
OPEC+ OPEC and its partners in the OPEC+ group this market conditions.”
week agreed to add more oil to the market as She added: “We recognise the role of Saudi
concerns about the future of the deal persist. Arabia as the chair of OPEC+ and its largest pro-
On June 2, the group announced that it would ducer in achieving this consensus amongst the
“advance the planned overall production adjust- group members. We also recognise efforts and
ment for the month of September and redis- positive contributions of UAE, Kuwait and Iraq.”
tribute equally the 432,000 barrel per day [bpd] Meanwhile, there was little to indicate, as
production increase over the months of July and had been widely suggested, that members were
August 2022”. considering expelling Russia from the alliance.
In doing so, OPEC+ production quotas will Ahead of the OPEC+ meeting, Russian For-
rise by 648,000 bpd in both July and August, eign Minister Sergei Lavrov visited Saudi Ara-
thereby unwinding the remainder of the 10mn bia, where both men praised the importance of
bpd withheld from the market since April co-operation, according to his ministry, signal-
2020. Meanwhile, ministers also agreed to give ling that the kingdom may not be in favour of
countries that have previously been guilty of pushing Russia out of the alliance.
over-producing their quotas until December to “They noted the stabilising effect that the tight
compensate for their overproduction. co-operation between Russia and Saudi Arabia
Targets (mbpd)
Meanwhile, the OPEC+ collaboration has has on world markets for hydrocarbons in this Increase
June 2022
July 2022
been extended from September until the end of strategically important sector,” the ministry said
OPEC
the year, giving them time to decide on the sub- in a statement on its website. Saudi Arabia has 1.039 1.56%
Algeria
1.023
sequent plan of action. not commented on the matter. 1.48 1.502 1.49%
Angola
The new timeline for easing production has Congo (Brazzaville) 0.315 0.32 1.59%
Beijing has not signalled anything of the sort,
been warmly received by the US. Following the and nor have there been any reports of such, but
Equatorial Guinea
0.123
announcement, White House Press Secretary China also has some interest in seeing OPEC+ 0.125 1.63%
0.181
Gabon
Karine Jean-Pierre said: “The United States release the oil taps, given that it is, after all, the 0.183 1.10%
Iran
Exempt
welcomes the important decision from OPEC+ world’s biggest oil importer. However, the Chi- Exempt
Iraq
4.509
today to increase supply by more than 200,000 nese government must balance this with its polit- 4.58 1.57%
Kuwait
2.724
barrels per day in July and August based on new ical interest in ensuring stability in Russia. 2.768 1.62%
Libya Exempt Exempt
Nigeria 1.772 1.799 1.52%
Saudi Arabia 10.663 10.833 1.59%
UAE 3.075 3.127 1.69%
Venezuela Exempt Exempt
Targets (mbpd) Total Targets (mbpd) 26.276 1.59%
25.865
June 2022 July 2022 Increase June 2022 July 2022 Increase
OPEC OPEC
Non-OPEC
Algeria 1.023 1.039 1.56% Algeria 1.023 1.039 1.56%
1.44%
0.696
0.706
Azerbaijan
Angola 1.48 1.502 1.49% Angola 0.199 1.502 1.49%
1.48
Bahrain
1.51%
0.202
Congo (Brazzaville) 0.315 0.32 1.59% Congo (Brazzaville) 0.315 0.32 1.59%
0.099
Brunei
0.1
1.01%
Equatorial Guinea 0.123 0.125 1.63% Equatorial Guinea 0.123 0.125 1.63%
1.655
Kazakhstan
1.51%
1.68
Gabon 0.181 0.183 1.10% Gabon 0.181 0.183 1.10%
0.577
1.39%
Malaysia
0.585
Iran Exempt Exempt Iran Exempt Exempt 0.00%
Mexico
1.753
1.753
4.58
Iraq 4.509 4.58 1.57% Iraq 4.509 0.868 1.57%
1.52%
0.855
Oman
2.724
2.768
Kuwait 2.724 2.768 1.62% Kuwait 10.663 10.833 1.62%
1.59%
Russia
Libya Exempt Exempt Libya Exempt Exempt 1.37%
0.073
0.074
Sudan
Nigeria 1.772 1.799 1.52% Nigeria 1.772 1.799 1.52%
1.59%
0.126
0.128
South Sudan
10.833
Saudi Arabia 10.663 10.833 1.59% Saudi Arabia 10.663 16.929 1.59%
1.40%
Total
16.696
3.127
UAE 3.075 3.127 1.69% UAE 42.561 43.205 1.69%
3.075
OPEC+
1.51%
Venezuela Exempt Exempt Venezuela Exempt Exempt
Total 25.865 26.276 1.59% Total 25.865 26.276 1.59%
Non-OPEC Non-OPEC
Azerbaijan 0.696 0.706 1.44% Azerbaijan 0.696 0.706 1.44%
Bahrain 0.199 0.202 1.51% Bahrain 0.199 0.202 1.51%
Brunei 0.099 0.1 1.01% Brunei 0.099 0.1 1.01%
Kazakhstan 1.655 1.68 1.51% Kazakhstan 1.655 1.68 1.51%
Malaysia 0.577 0.585 1.39% Malaysia 0.577 0.585 1.39%
Mexico 1.753 1.753 0.00% Mexico 1.753 1.753 0.00%
1.52%
Oman
0.868
1.52%
P6 Oman 0.855 0.868 www. NEWSBASE .com 0.855 Week 22 01•June•2022
Russia 10.663 10.833 1.59% Russia 10.663 10.833 1.59%
Sudan 0.073 0.074 1.37% Sudan 0.073 0.074 1.37%
South Sudan 0.126 0.128 1.59% South Sudan 0.126 0.128 1.59%
Total 16.696 16.929 1.40% Total 16.696 16.929 1.40%
OPEC+ 42.561 43.205 1.51% OPEC+ 42.561 43.205 1.51%