Page 10 - MEOG Week 35

MEOG PrICes MEOG
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
27 August
54.93
59.51
58.75
58.98
28 August
55.78
60.49
59.77
60.16
29 August
56.71
61.08
59.98
60.24
30 August
55.10
60.43
59.12
60.11
02 September
n/A
58.66
n/A
n/A
PoLICy
Indonesia opens “oil and
gas corner” at embassy in
Kuwait
Indonesian Minister of Foreign A airs, Retno Marsudi, inaugurated the rst “oil and gas corner” at the Indonesian Embassy in Kuwait City, aimed at attracting investments in the oil and gas sector.
“ e inauguration of the rst oil and gas corner at the Indonesian Embassy in Kuwait City marks the important role of Indonesia’s Representative to attract investors in the oil and gas sector in Indonesia,” said Minister Marsudi in a written statement issued by the Indonesian Ministry of Foreign A airs received here on Monday.
e statement was delivered by the Indonesian Foreign Minister during her opening remarks at the inauguration of the Oil and Gas Corner at the Indonesian Embassy in Kuwait City on September 1, 2019.
e inauguration is a form of new initiative and collaboration between the Indonesian Embassy in Kuwait and the Oil and Gas Special Work Unit (SKK MIGAS).
“ e oil and gas corner will facilitate investors in the sector to learn about the potential of oil and gas exploration from Sabang to Merauke in Indonesia without having to visit Indonesia,” said Marsudi.
e inauguration was also attended
neWs In brIef
by the CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC), Shaikh nawaf Al-Sabah, as well as several investors and business persons in the oil and gas sector in Kuwait.
e corner is also equipped with a collection of the latest literature and information on the upstream oil and gas industry, potential resources, and pro les of the oil and gas industry businesspersons in Indonesia.
“ rough technological advancement, we will bring Indonesia’s oil and gas potential to foreign investors,” Minister Marsudi stated. antara
oIL
Sanctions choke Iran’s
crude sales, but oil product
exports booming
While U.S. sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
Sanctions have barely a ected Iran’s exports of oil products, primarily fuel oil used for power generation and shipping as well as lique ed petroleum gas (LPG) used as cooking gas and petrochemical feed.
Iran’s product exports reached their highest
level in August, oil minister Bijan Zanganeh was quoted as saying by a lawmaker a er
a parliamentary meeting on Aug. 27. “In exports of products we have no problem,” Zanganeh was cited as saying.
Consultancy FGE estimates Iran’s product exports at 400,000-500,000 barrels per
day, exceeding the top end of crude export estimates by other analysts of some 400,000 bpd for July.
Re nitiv Eikon data shows Iran exported more than 230,000 bpd of fuel oil in August, all to the United Arab Emirates, slightly above July’s gure of 220,000 bpd. At current prices, and assuming Iran is not selling at a big discount, such sales generate over $300 million a month.
Data intelligence rm Kpler says Iran exported 514,000 tonnes of LPG in July, or nearly 200,000 bpd, worth over $180 million at market prices. is compares with 579,000 tonnes in June. China accounted for more than 95% of Iranian LPG exports in June, according to Kpler.
Samantha Hartke, head of natural gas liquids and LPG at consultancy Energy Aspects, said her rm did not expect Chinese imports of Iranian LPG to abate given China’s new petrochemical capacity is creating signi cant demand for the feedstock.
“ e irony is: if not for the U.S.-China trade war, the U.S. would have greatly bene ted from this uptick in Chinese demand as a means of mopping up its overabundance of LPG supplies, thanks to shale,” she added.
Unlike crude oil, where the ultimate buyer is a re nery, fuel oil and LPG can nd their
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Week 35 03•September•2019