Tag Archives: Platts

Saudi energy minister Prince Abdulaziz bin Salman delivered a stark warning to his OPEC+ counterparts, urging the coalition to stay disciplined with their crude production or risk upending the oil market’s recovery fostered by their historic output cuts since May. “Now as we see light at the end of the …

Kuwait supports OPEC+ decisions that help maintain stability in crude markets, particularly in light of the negative repercussions from the pandemic, the country’s oil minister said Jan. 4, as ministers from the coalition were set to meet virtually to discuss February oil production levels. Mohammed al-Fares cautioned about the impact …

Iran’s parliament has lowered the government’s oil export target from 2.3 million to 1.5 million to manage expectations, news agency ISNA reported Jan 2. The proposed budget had aimed to sell over 2 million b/d of crude both in domestic and international markets. However, the figure was questioned due to …

Iraq, OPEC’s second largest producer, plans to boost the capacity of its southern oil export facilities by 72% to 6 million b/d after 2023 and wants to build storage tanks to help reach that target, a deputy oil minister said Dec. 26 Iraq will construct 24 storage tanks with a …

Germany’s coalition parties. Chancellor Angela Merkel’s conservatives (CDU/CSU) and the Social Democrats (SPD), have agreed a compromise on the reform of the EEG 2021 green energy law, clearing the way for approval by parliament by Dec. 18, energy minister Peter Altmaier (CDU) and environment minister Svenja Schulze (SPD) said Dec. …

EU leaders have paved the way to place restrictions on more Turkish individuals and companies involved in drilling for gas offshore Cyprus, but stopped short of adopting broader economic sanctions against Ankara. Turkey’s drilling program in waters claimed by Cyprus, and its surveying activities in waters claimed by Greece with …

Iraq is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports, the country’s oil minister said Dec. 6. Ihsan Ismaael said in an oil ministry statement that oil prices are expected …

Middle East producers led by Saudi Arabia are widely expected to raise their official selling prices for January loading crude in December, although the outcome of the OPEC and non-OPEC meetings in coming days could affect the size and even the direction of any price change. Saudi Aramco is expected …

Iraq isn’t seeking exemption from OPEC+ production cuts because it does not want crude prices to drop, Alsabaah newspaper reported Nov. 29, citing the country’s oil minister Ihsan Ismaael. Oil ministers are set to meet Nov. 30-Dec. 1 to discuss a potential delay in plans to increase output as of …

The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its …