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2018-08-10 10:35:00

IRAN VS OPEC QUOTAS

IRAN VS OPEC QUOTAS

PLATTS - The six-country OPEC/non-OPEC committee overseeing the agreement improperly attempted to redistribute crude oil production quotas at its July 18 meeting in Vienna, Iranian oil minister Bijan Zanganeh wrote to UAE energy minister and OPEC President Suhail al-Mazrouei on Wednesday.

Should the committee persist in its efforts, Zanganeh said he would request an extraordinary OPEC meeting to resolve the conflict.

The committee, called the Joint Ministerial Monitoring Committee, and its subsidiary Joint Technical Committee are only charged with assessing member compliance with the agreement, Zanganeh wrote in a letter posted online by Iran's oil ministry news service Shana.

Iran, which has steadfastly maintained that the deal does not allow members to produce above their individual quotas, attended the committee meeting as a non-voting observer.

"To our dismay we witnessed that some members attempted to redistribute over-conformity in production adjustment level among themselves, and attempts to hand over OPEC countries' over-conformity to non-OPEC countries," Zanganeh wrote. "This very procedure is totally in contradiction with the monitoring task of both JMMC and JTC, and indicates misinterpretation by the JMMC over its mandate, as well as disregard for the decision of the 174th Meeting of the OPEC Conference."

Mazrouei had no immediate comment on the letter, UAE officials said.

OPEC and 10 non-OPEC allies led by Russia agreed on June 23 to raise production by about 1 million b/d by reducing overcompliance with production cuts that had been in force since January 2017. But the coalition has left unsettled how those barrels will be divvied up.

Several members are unable to raise production; Venezuela is in the throes of an economic crisis, while Iran faces the snap back of US sanctions in November.

That leaves primarily Saudi Arabia and its Gulf allies, along with Russia, to account for the bulk of the increase by tapping into their spare capacity.

Iran has said that the deal still maintains individual quotas, while Saudi Arabia and Russia have said the deal has morphed into a collective supply ceiling.

Saudi far above quota

Saudi Arabia pumped 10.63 million b/d in July, according to the latest S&P Global Platts OPEC survey, far above its quota of 10.06 million b/d, though kingdom officials say their July output was 10.29 million b/d.

Russia produced 11.22 million b/d in July, according to official data, basically erasing its 300,000 b/d pledged cut.

Saudi energy minister Khalid al-Falih chairs the JMMC, while Russian counterpart Alexander Novak is the alternate chair. The JMMC next meets via teleconference on August 22 and then in person September 22-23 in Algiers.

Zanganeh asked Mazrouei to ensure that the JMMC refrains "from making any attempts to redistribute the over-conformity, including, among OPEC member countries, or, between OPEC and non-OPEC countries, as this is beyond the mandate of JMMC and it contradicts the decision made at the 171st Meeting of the OPEC Conference."

He added: "In case the JMMC does not fulfill its mandate as stipulated in the decision of the 174th Meeting of the OPEC Conference and has a different understanding from the decision of the above-mentioned conference, the issue should be raised at an extraordinary meeting of the OPEC Conference for decision making."

 

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Earlier:

 U.S. SANCTIONS FOR THE WORLD
2018, August, 8, 12:05:00

U.S. SANCTIONS FOR THE WORLD

ARAB NEWS - US President Donald Trump warned the world against doing business with Iran on Tuesday as he hailed the “most biting sanctions ever imposed,” triggering a mix of anger, fear and defiance in Tehran.

 

 IRANIAN GAS UP
2018, August, 6, 13:20:00

IRANIAN GAS UP

SHANA - The CEO of Pars Oil and Gas Company (POGC) said Iran's natural gas production from the supergiant South Pars Gas Field will increase by 100 million cubic meters by the end of the current calendar year to Mach 2019.

 

 ЭКСПОРТ ИРАНСКОЙ НЕФТИ В ИНДИЮ: 2,82 МЛН. Т.
2018, August, 1, 09:25:00

IRANIAN OIL EXPORTS 2.3 MBD

SHANA - Iran exported an average of 2.3 million barrels per day of crude oil to Asian and European countries during the four months. This is while exports for last calendar year's corresponding period stood at 2.115 mbd.

 THE DIFFICULT IRANIAN SANCTIONS
2018, July, 25, 09:45:00

THE DIFFICULT IRANIAN SANCTIONS

OGJ - “Russia already has improved its relations with Iran. Given its foreign policy stance toward the US, this could grow if it believes it would undermine the US position. Russia is taking a long-term view. It sees several obstacles, which it is determined to overcome.”

 

 SAUDI ARABIA - IRAN RESOLUTION
2018, July, 16, 10:55:00

SAUDI ARABIA - IRAN RESOLUTION

PLATTS - "The shift from reporting individual country conformity to reporting overall conformity will be adopted to reflect the June 23 decision of the 4th OPEC and non-OPEC Ministerial Meeting that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of July 2018," Saudi energy minister Khalid al-Falih wrote to his counterparts Thursday in a letter.

 ИНВЕСТИЦИИ РОССИИ В ИРАН: $50 МЛРД.
2018, July, 16, 10:45:00

RUSSIA'S INVESTMENT FOR IRAN: $50 BLN

BLOOMBERG - Iran said Russia is ready to invest as much as $50 billion in its oil industry even as Western majors are pulling out of deals with the republic amid the threat of U.S. sanctions.

 U.S. - IRAN SANCTIONS FOREWER
2018, June, 29, 10:45:00

U.S. - IRAN SANCTIONS FOREWER

WSJ - Iran exports more than 2 million barrels a day of oil. President Donald Trump in May withdrew from a nuclear deal with Iran and reimposed sanctions that seek to force companies not to buy any Iranian oil.

 

 

 

 

Tags: IRAN, OPEC, RUSSIA, OIL, PRODUCTION

Chronicle:

IRAN VS OPEC QUOTAS
2018, December, 17, 10:15:00

QATAR'S LNG FOR PAKISTAN

TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.

IRAN VS OPEC QUOTAS
2018, December, 17, 10:10:00

QATAR'S INVESTMENT FOR U.S.: $20 BLN

REUTERS - Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.

IRAN VS OPEC QUOTAS
2018, December, 17, 10:05:00

U.S. INDUSTRIAL PRODUCTION UP 0.6%

U.S. FRB - U.S. industrial production rose 0.6 percent in November after moving down 0.2 percent in October; the index for October was previously reported to have edged up 0.1 percent. In November, manufacturing production was unchanged, the output of mining increased 1.7 percent, and the index for utilities gained 3.3 percent.

IRAN VS OPEC QUOTAS
2018, December, 17, 10:00:00

U.S. RIGS DOWN 4 TO 1,071

BHGE - U.S. Rig Count is down 4 rigs from last week to 1,071, with oil rigs down 4 to 873 and gas rigs unchanged at 198. Canada Rig Count is down 12 rigs from last week to 174, with oil rigs down 7 to 95 and gas rigs down 5 to 79.

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