Page 15 - MEOG Week 05 2021

MEOG NEWS IN BRIEF MEOG

The Organization of Petroleum Exporting majeure that lifted earlier this month. In revenue, its main income stream, to about
Countries raised output by 190,000 barrels recent years, the country’s exports have $4.74 billion with an average price per barrel
a day in January, according to a Bloomberg occasionally been hobbled by leaks and of $53.294.
survey. That fits with an agreement between sabotage on its pipeline network. Iraq had sold its crude at an average price
the group and its allies to revive some of the Iraq, which had promised to slash of $47.765 in December.
supplies halted during the pandemic. production substantially to deliver its share of REUTERS
Yet the monthly change is barely two-thirds pledged production cutbacks, kept supplies
of the scheduled amount, as increases by steady. The country pumped an average of Jordan says it imports Iraqi
OPEC’s Persian Gulf exporters were offset by 3.87 million barrels a day, the survey showed.
disruptions in Nigeria and Libya. After the increase in January, the group oil at discount
Output from OPEC’s 13 members averaged and its allies have resolved to keep output
25.67 million barrels a day in January, steady for two months as the resurgent Jordan said Tuesday it imports Iraqi oil
according to the survey. It’s based on ship- pandemic poses a fresh threat to fuel demand. with a discount of 16 U.S. dollars from the
tracking data, information from officials, and Saudi Arabia has pledged an extra 1 million- price of Brent crude per barrel to cover the
estimates from consultants including Rystad barrel cut of its own over the period to ensure difference of transport costs and deviations in
Energy AS, JBC Energy GmbH, Energy that global markets remain balanced. specifications.
Aspects Ltd. and Petro-Logistics SA. Key members of the OPEC+ alliance The remarks were made by Jordanian
OPEC and its partners agreed to -- which is led by the Saudis and Russia Minister of Energy and Mineral Resources
collectively restore 500,000 barrels a day -- will meet online on Wednesday to assess Hala Zawati.
in January amid signs that global fuel the outlook, though they aren’t expected to In 2009, Jordan signed a deal with Iraq
demand was tentatively recovering from recommend any adjustments to the accord, under which Jordan buys 10,000 barrels of
the coronavirus shock. OPEC’s share of according to delegates who declined to be crude oil per day from Iraq, transported
the increase amounted to just over 300,000 identified. by land in a back-and-forth trip estimated
barrels. The 23-nation coalition will hold a full at about 2,550 kilometres, according to a
Saudi Arabia, Kuwait, the United Arab ministerial meeting in early March to decide statement by the ministry.
Emirates and Algeria revived output in its next steps. From September 2019 to the end of
accordance with the agreement, the survey BLOOMBERG November 2020, Jordan imported about
showed. 3.471 million barrels of crude oil, and under
In Libya, a member exempted from the Iraq’s oil exports rise to the terms of the deal, Jordan shall provide
pact because of previous chronic outages, oil tankers to transport crude oil from Baiji
production fell by 60,000 barrels a day to 2.868mn bpd in January area in Iraq to the Jordan Petroleum Refinery
1.16 million after a leak forced the closing of Company in Zarqa, Zawati said.
a critical pipeline for more than a week. The Iraqi oil exports rose to 2.868 million barrels In this regard, she said that the Iraqi oil
halt at the link operated by Waha Oil Co. per day (bpd) in January from 2.846 million imports cover 7 percent of the kingdom’s daily
illustrated the toll that inadequate investment bpd the previous month, the Oil Ministry said oil needs.
and neglect are taking on infrastructure in the on Monday. During an official visit by Jordanian Prime
conflict-torn nation. Exports from Iraq’s southern Basra Minister and Minister of Defence Bisher Al
Nigeria also saw output decline, by 50,000 terminals reached 2.77 million bpd in January, Khasawneh to Baghdad last week, the two
barrels a day to 1.47 million, after Royal up from 2.75 million bpd the month before, countries agreed to renew the deal for one
Dutch Shell Plc asked to suspend deliveries the ministry added. Shipments from Kirkuk year.
of Forcados crude because of pipeline leaks. through Ceyhan averaged 98,000 bpd in XINHUA
Flows from Exxon Mobil Corp.’s Qua Iboe January.
facility also slipped amid an on-going force Rising oil prices boosted Iraq’s January oil

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