Page 14 - MEOG Week 10 2023

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
growing
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.

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