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By Tsvetana Paraskova
The acceleration of the OPEC+ oil production increase, Qatar’s major LNG expansion plans, and Saudi Aramco’s sustainability report were the highlights in the Middle East’s oil and gas industry over the past month.
OPEC+ Accelerates Monthly Production Hikes In early June, the OPEC+ group of producers led by Saudi Arabia and Russia decided to accelerate the monthly oil output boost to an increase of 648,000 barrels per day (bpd) for the month of July. The June meeting decided to advance the planned overall production adjustment for the month of September and redistribute equally the 432,000 bpd production increase for September over the months of July and August 2022. The record cuts enacted in April 2020 at the peak of global COVIDrelated lockdowns were originally scheduled to be unwind in September 2022, and now OPEC+ is accelerating the timeline. The OPEC+ pact continues until the end of 2022. “The Meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance. The Meeting highlighted the importance of stable and balanced markets for both crude oil and refined products,” OPEC said in a statement at the end of the meeting in June. The acceleration of the production cuts was viewed by analysts as a way to partly compensate for falling production and global supply out of key OPEC+ producer Russia, and amid expectations of strong fuel demand this summer.
www.ogv.energy I July 2022
