Page 10 - MEOG Week 08 2023

MEOG POLICY & SECURITY MEOG

OPEC+ to stick with

current deal through 2023

OPEC OPEC+ will stick with the deal agreed in Octo- forecast following China’s relaxation of COVID-
ber until the end of the year, according to the 19 restrictions.
group’s de-facto head, Saudi Arabian Energy Prince Abdulaziz said: “No matter what
Minister Prince Abdulaziz bin Salman Al-Saud. trends you are looking at, if you follow the
In an interview with Energy Aspects, he cautious approach, not only would you see the
said that he remained cautious about Chinese beginning of a positive trend to emerge but you
demand forecasts and the producer group would need to make sure that these positive signals of
not raise output based solely on initial signals. this market can be sustained.”
Targets (mbpd)
“The agreement that we struck in October is He added: “The Chinese economy’s unlock-
Unchanged since October 2022
here to stay for the rest of the year, period,” he ing and because of that you will have demand November 2022 Increase (mbpd)
said. and what have you, but we all went through
OPEC
The October deal saw OPEC reduce its allo- cycles of openings and lockdowns and therefore
Algeria
cated production level from 26.7mn barrels per what assurances (would we have) and the world 1.055 1.007 -0.048
Angola
day by a ‘voluntary adjustment’ of 1.27mn bpd have that none of what we went through, all of us, 1.525 1.455 -0.07
to 25.4mn bpd, while its non-OPEC partners every country, will not be repeated?” 0.325 0.31 -0.015
Congo (Brazzaville)
cut production by just over 700,000 bpd. Saudi Meanwhile, he said that the US’ decision to
Equatorial Guinea
Arabia and Russia each made a voluntary cut of release oil from its strategic petroleum reserves 0.127 0.121 -0.006
Gabon
526,000 bpd, though in reality, Russian produc- (SPR) last year was the fault of the Paris-based 0.186 0.177 -0.009
tion had already been hampered by a shrinking International Energy Agency (IEA), which fore- Exempt Exempt
Iran
market for its crude following Western restric- cast that Russian oil production would drop
Iraq
tions on purchases. by 3mn bpd. “The IEA was responsible for it 4.651 4.431 -0.22
Kuwait
While Russia announced last week that it because of the screaming and scaring that they 2.811 2.676 -0.135
would reduce oil production by 500,000 bpd, had done on how much Russia will lose in terms Exempt Exempt
Libya
OPEC this week increased its global demand of its production,” he said.™
Nigeria 1.826 1.742 -0.084
Saudi Arabia 11.004 10.478 -0.526
UAE 3.179 3.019 -0.16
Venezuela Exempt Exempt
Targets (mbpd) Total 26.689 25.416 -1.273
Unchanged since October 2022 November 2022 Increase (mbpd)
OPEC Non-OPEC
Algeria 1.055 Azerbaijan 1.007 -0.048 0.717 0.684 -0.033
Angola 1.525 Bahrain 1.455 -0.07 0.205 0.196 -0.009
Congo (Brazzaville) 0.325 Brunei 0.31 -0.015 0.102 0.097 -0.005
Equatorial Guinea 0.127 Kazakhstan 0.121 -0.006 1.706 1.628 -0.078
Gabon 0.186 Malaysia 0.177 -0.009 0.594 0.567 -0.027
Iran Exempt Mexico Exempt 1.753 1.753 0
Iraq 4.651 Oman 4.431 -0.22 0.881 0.841 -0.04
Kuwait 2.811 Russia 2.676 -0.135 11.004 10.478 -0.526
Libya Exempt Sudan Exempt 0.075 0.072 -0.003
1.742
Nigeria 1.826 South Sudan -0.084 0.13 0.124 -0.006
Saudi Arabia 11.004 Total 10.478 -0.526 17.167 16.44 -0.727
UAE 3.179 OPEC+ 3.019 -0.16 43.856 41.856 -2.00
Venezuela Exempt Exempt
Total 26.689 25.416 -1.273

Non-OPEC
Azerbaijan 0.717 0.684 -0.033
Bahrain 0.205 0.196 -0.009
Brunei 0.102 0.097 -0.005
Kazakhstan 1.706 1.628 -0.078
Malaysia 0.594 0.567 -0.027
0
1.753
P10 Mexico www. NEWSBASE .com 1.753 Week 08 22•February•2023
Oman 0.881 0.841 -0.04
Russia 11.004 10.478 -0.526
Sudan 0.075 0.072 -0.003
South Sudan 0.13 0.124 -0.006
Total 17.167 16.44 -0.727
OPEC+ 43.856 41.856 -2.00