Page 14 - MEOG Week 10 2023
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MEOG                                         NEWS IN BRIEF                                             MEOG

       of low-sulphur fuel oil from the Al Zour   “We always say that we are committed to   GAS
       refinery to Singapore, KUNA reported in   a stable market ... (the minister of energy)
       November.                           feels the market doesn’t need any production   Iran inaugurates phase
       REUTERS                             changes until the end of the year,” Prince
                                           Faisal said.                         14 of South Pars gas field
                                           AL ARABIYA
       OIL                                                                      development
       OPEC+ production targets            Russian oil exports to UAE           Iran on March 2 inaugurated Phase 14 of the
                                                                                giant South Pars gas field during a ceremony
       reflect consensus                   Ship-tracking data indicate that the United   attended by President Ebrahim Raisi.
                                                                                  The homegrown project in the Persian Gulf
       Decisions on oil output taken by OPEC+   Arab Emirates (UAE) is importing millions of   is to produce a daily output of 50mn cubic
       countries reflect consensus in the group and   barrels of Russian crude oil, despite pressure   metres (mcm) of sweet gas, 400 tonnes of
       Saudi Arabia judges that its current output   from the United States to isolate Russia,   sulphur and 75,000 barrels of gas condensates.
       policy - that it won’t raise production this   Reuters reported on March 6.  The phase is also expected to produce 1mn
       year - is correct, its foreign minister said   Russian exports of oil to the UAE has been   tonnes of ethane as petrochemical feedstock
       on Tuesday. “We always say that we are   occasional and the exact date of the UAE’s   and 1mn tonnes of liquefied petroleum
       committed to a stable market... (the minister   initial imports of Russian crude is unknown;   gas (LPG) per annum. Officials anticipate
       of energy) feels the market doesn’t need any   however, the volumes have grown significantly  yearly earnings from Phase 14 will reach
       production changes until the end of the year,”   in the last year, according to tanker-tracking   around $3.5bn. Around $3bn was invested in
       Prince Faisal bin Farhan told reporters in   data seen by Reuters.       establishing the phase’s refinery, according to
       London. “All decisions in OPEC and OPEC+   Since November 2022, about 1.5mn barrels   officials.
       are made through very extensive dialogue   of Russian crude have been shipped to the   Raisi talked of Phase 14 of South Pars -
       between all the partners... Every statement I   UAE, with volumes increasing or remaining   the world’s largest natural gas field - as an
       see that is made on the record from all of the   steady since early 2022.  embodiment of Iran’s self-sufficiency in the
       partners in OPEC+ reflects that consensus,”   The UAE is a major oil producer in its own   face of sanctions, according to local reports.
       he added, referring to members of the   right. The Kingdom of Saudi Arabia is also   It would play an important role in FX-
       Organization of the Petroleum Exporting   a major producer but has been importing   generating exports, he added.
       Countries (OPEC) and others including   Russian oil to burn in its power stations,   However, as with many Iranian projects, its
       Russia.                             leaving more crude free to export.   launch has been hampered by sanctions, with
         He also played down the idea of a wider   Although the first shipment of Russian   Pars Oil & Gas Co. (POGC) saying in 2019
       divide between Saudi Arabia and the UAE.  crude to the UAE occurred in 2019, shipments  that it would soon be initiated, noting that the
         “We have a very, very strong, robust   have increased notably since April 2022, with   14B platform was ready to be connected.
       partnership between the UAE and the   a brief pause between July and October of that   Iran’s Oil Minister Javad Oji reportedly
       Kingdom. Do we agree on everything all the   year. Previously, only one shipment of Russian   said that this Persian calendar year (ends
       time? Probably not. But reports of divergence   crude to the UAE had been reported.  March 20), the country has produced the
       - that are often overdramatized, usually based   The UAE is emerging as a major hub   highest amount of condensates ever and
       on unnamed sources - don’t understand how   for Russia and its exiled businessmen. It   claimed that the FX earnings in the Iranian oil
       deep the relationship is,” he said.  continues to co-operate with Russia as part   industry were higher than the country’s hard
         He restated the position of the Saudi   of the OPEC+ alliance, which includes the   currency needs. Raisi is scheduled to open
       energy minister who said last month the   Organization of the Petroleum Exporting   further projects along the Persian Gulf coast,
       current OPEC+ deal on oil output would be   Countries and its allies.    including water desalination plants, water
       locked in until the end of the year.  NEWSBASE                           transfer systems and housing projects.

       P14                                      www. NEWSBASE .com                         Week 10   08•March•2023
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