2022-02-28 13:20:00
OPEC+ RUSSIA COMMITMENT
PLATTS - 27 Feb 2022 - Saudi Arabia remains committed to OPEC+ agreement, Crown Prince Mohammed bin Salman told French President Emmanuel Macron Feb. 27, in an endorsement for the bloc's alliance with Russia amid that nation's invasion of Ukraine.
In the call, the two leaders discussed the Ukraine crisis and its impact on energy markets, according to a report carried by the official Saudi Press Agency.
"In this regard, his highness the crown prince affirmed the kingdom's keenness on the stability and balance of oil markets and the kingdom's commitment to the OPEC+ agreement," the report said.
Russia's invasion of Ukraine has sent crude prices to near $100/b, and intensifying sanctions by the West on Moscow have raised questions about whether OPEC countries such as Saudi Arabia would be willing to step up production to help moderate prices, as the US and other key crude customers have urged.
The sanctions, which include bans on Russian banks from accessing the SWIFT international payment system, could also jeopardize OPEC's ties with Russia.
The OPEC+ alliance next meets March 2 to decide on April output levels.
OPEC ministers have so far indicated they plan to stick with their planned modest production increases each month, pointing to geopolitics -- and not any supply shortage -- as underpinning the recent surge in oil prices.
"All member countries are committed with the Declaration of Cooperation," one Gulf delegate told S&P Global Platts, referring to the formal name of the OPEC+ agreement.
Traders, however, have said demand for Russian crudes was drying up and that refiners were considering alternative grades, amid concerns about sanctions and difficulties finding financing and insurance.
OPEC has teamed up with Russia and nine other allies on a series of production cuts since 2017 to prop up the oil market.
Russia is one of the top three crude producers in the world, with output of 10.08 million b/d in January, according to the latest Platts survey of OPEC+ output.
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Earlier:
2022, February, 22, 13:00:00
OPEC+ RUSSIA STABILISATION
OPEC, along with 10 allies led by Russia, has been gradually easing back production quotas it implemented at the start of the coronavirus pandemic by 400,000 b/d each month, aiming to return to pre-pandemic output levels by late 2022.
2022, February, 3, 13:45:00
OPEC+ RUSSIA: GROWTH BY 0.4 MBD
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022.
2022, February, 2, 12:15:00
OPEC+ WILL UP BY 400 TBD
Demand is expected to surpass pre-pandemic levels in the second half of the year "with a healthy recovery trend," the analysis showed, easing the market oversupply to 1.2 million b/d in the third quarter and 1.1 million b/d in the fourth.
2022, February, 1, 14:45:00
OPEC+ RUSSIA: +400 TBD
Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.
2022, January, 10, 11:45:00
OPEC+ OIL PRODUCTION: + 0.4 MBD
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of February 2022.
2021, December, 27, 11:55:00
OPEC+ SUCCESSFUL BALANCE
With Russia nearing its maximum capacity and Nigeria, Angola and several other countries struggling to maintain output, OPEC+ sustainable spare capacity will shrink to just 1.2 million b/d by June, lessening the group's ability to offset disruptions.
2021, December, 8, 16:15:00
OPEC+ PRODUCTION +500 TBD
OPEC's 13 countries pumped 27.85 million b/d, up 300,000 b/d from October, while Russia and eight other partners produced 13.86 million b/d, up 200,000 b/d
