2022-03-25 11:20:00
OPEC+ IS IMPORTANT
PLATTS - 22 Mar 2022 - Saudi Arabia's cabinet affirmed on March 22 the essential role of the OPEC+ coalition of oil producers it heads with Russia, a day after its foreign ministry indicated the kingdom could not be responsible for meeting global supply shortages if terrorist attacks by Yemen's Houthi rebels continue unabated.
In a circular carried by state-run Saudi Press Agency, the cabinet stressed "the importance of the essential role of the OPEC+ agreement in the balance and stability of oil markets."
The note also called for "peaceful means" to end "conflict and military operations," in a reference to the ongoing conflict in Ukraine, which has helped sent oil prices to multi-year highs.
Riyadh has so far resisted pressure to pump more oil despite requests from major consumers such as the US and India, as it continues to balance a long-standing relationship with Moscow built on cooperation in the energy markets.
The world's largest oil exporter has been sticking to the OPEC+ plan to collectively bring 400,000 b/d back each month to reverse the historic production cuts implemented in 2020 following the start of the COVID-19 pandemic.
The next OPEC+ meeting to discuss its agreement is on March 31.
On March 21, Saudi Arabia's Ministry of Foreign Affairs called for international recognition that "Iranian-backed" militants "target the kingdom's production sites of oil, gas and refined products, resulting in serious consequences for upstream and downstream sectors, affecting the kingdom's production capability and its ability to fulfill its commitments, undermining without a doubt, the security and sustainability of energy supplies to global markets."
The statement was made a day after an attack on the Yanbu Aramco Sinopec Refining Co. (Yasref) refinery claimed by the Houthi militants.
According to the S&P Global Oil Security Sentinel, the kingdom's oil and energy infrastructure has been targeted more than 40 times since 2017, with the biggest incident occurring in 2019 when drone attacks hit the giant Abqaiq oil processing facility.
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Earlier:
2022, March, 24, 13:55:00
OIL PRICE: BRENT NOT ABOVE $122, WTI NOT ABOVE $115
Brent were down 15 cents, or 0.12%, at $121.45 a barrel, WTI fell 75 cents, or 0.65%, to $114.18 a barrel.
2022, March, 24, 13:50:00
OPEC OIL PRICE: $116.94
The price of OPEC basket of thirteen crudes stood at $116.94 a barrel on Wednesday,
2022, March, 23, 12:15:00
OIL PRICE: BRENT ABOVE $116, WTI ABOVE $110
Brent were up 95 cents, or 0.82%, to $116.43 a barrel, WTI rose 73 cents, or 0.67%, to $110 a barrel.
2022, March, 23, 12:05:00
RUSSIAN URALS DISCOUNT $31
Russian Urals cargoes basis CIF Rotterdam were assessed at a new record low of Dated Brent minus $30.99/b and for CIF Augusta at Dated Brent minus $30.69/b March 23.
2022, March, 22, 12:45:00
RUSSIA BYPASSES SANCTIONS
"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.
2022, March, 21, 12:20:00
OPEC OIL PRICE: $104.96
The price of OPEC basket of thirteen crudes stood at $104.96 a barrel on Thursday, compared with $104.06 the previous day, according to OPEC Secretariat calculations
2022, March, 3, 14:30:00
OPEC+ 0.4 MBD
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022, as per the attached schedule.
