Friday, June 14, 2024

Arab oil ministers have called on OPEC + to abide by the current production agreement

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Fears of increased oil production if Iran returns to the market (Getty)

The Arab oil and energy ministers said on Sunday … OPEC + Commitment to its current contract of adding 400,000 barrels per day to production per month while attending the International Conference on Petroleum Technology in Riyadh.

Iraqi Oil Minister Ihsan Abdul-Jabbar, according to Reuters, “for the sake of. Energy markets Overall, OPEC + must adhere to the current “continuous and consistent agreement” to avoid any surprises.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, also known as OPEC +, agreed on February 2 to stick to a moderate increase in their oil production.

The group is already making efforts to achieve current targets and is cautious in responding to calls from large consumers to pump more crude oil to curb inflation.

Abdul-Jabbar’s statements came during a session of the Saudi, Emirati and Bahraini Energy Ministers, Kuwait’s Oil Minister and Egyptian Oil Minister after the start of the conference.

Saudi Arabian Energy Minister Prince Abdul Aziz bin Salman said it was wrong to focus only on renewable energy sources and that the world could not produce all the energy needed for economic recovery from the corona virus epidemic, “epidemic and current recovery”. It’s taught us the value of being vigilant. “

UAE Energy Minister Suhail Al Mazrouei said the group was on a journey to gradually increase oil production, while Kuwaiti Oil Minister Mohammed al-Faris said the OPEC + was highly sensitive to market reactions.

Iran returns to oil market

Sources close to OPEC + told Reuters prices last Friday.
The International Energy Agency says the success of the talks could lead to the lifting of US sanctions on Iran’s exports and the re-introduction of 1.3 million barrels of Iranian oil per day.

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This will ease tight global deliveries and ease some of the tension that has pushed oil prices below $ 100 a barrel.
Iran has also been exempted from the current agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the (OPEC +) Group, to control the supply of oil due to the impact of sanctions on its exports.
Iran pays about 2.5 million barrels a day, about 1.3 million barrels less than it was in 2018, when former US President Donald Trump re-imposed sanctions on the nuclear deal, leading to a significant drop in Tehran’s oil revenues.

At the close of trading last Friday, Brent crude was up 57 cents, or 0.6 percent, at $ 93.54, while U.S. West Texas Intermediate crude was down 69 cents, or 0.5 percent, at $ 91.07 a barrel.
The two criteria reached their maximum level since last Monday, September 2014, but the prospect of easing oil sanctions on Iran hit the market. Brent crude was up 0.9 percent for the ninth week in a row, while West Texas Intermediate crude was down 1.7 percent this week.
Fears of supply disruptions as a result of the Russian military build-up on the Ukrainian border have led to limited losses this week.

(Reuters, The New Arabic)

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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