{"id":6196,"date":"2022-06-02T16:15:43","date_gmt":"2022-06-02T16:15:43","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=6196"},"modified":"2022-06-02T16:15:43","modified_gmt":"2022-06-02T16:15:43","slug":"opec-seen-sticking-to-oil-rise-plan-despite-eu-sanctions","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=6196","title":{"rendered":"Opec+ seen sticking to oil rise plan despite EU sanctions"},"content":{"rendered":"
\n

Reuters Dubai\/London<\/p>\n<\/div>\n

Opec+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five Opec+ sources said on Wednesday as the group fast approaches its maximum production capacity.
\nOil prices rallied above $124 per barrel this week following new EU sanctions against Russia over its invasion of Ukraine and China\u2019s recovery from the latest Covid-19 lockdown.
\nThe world\u2019s most industrialised countries, known as G7, called again this week on Opec to help ease a global energy crunch that worsened as a result of Western sanctions imposed on Russia.
\nOpec, which meets on Thursday together with allies such as Russia as part of a group called Opec+, has repeatedly rebuffed calls for faster production increases. Opec+ is widely expected to raise July output targets by 432,000 bpd.
\nThe group\u2019s record output-cutting deal, clinched in 2020 at the height of global lockdowns, expires this September by which time the group will have limited spare capacity to increase production further.
\nIts lead member Saudi Arabia is producing 10.5mn bpd and has rarely tested sustained production levels above 11mn bpd.
\nTogether with fellow Gulf Opec member, the United Arab Emirates, Opec is estimated to have less than 2mn bpd of spare capacity.
\n\u201cThere is not much spare oil in the market to replace potential lost barrels from Russia,\u201d said Bjarne Schieldrop, chief commodities analyst at SEB bank.
\nHe said the EU ban will likely result in Russia selling less oil but at a higher price and probably earning just as much if not more.
\nWestern sanctions imposed on Russia may result in production and export cuts from the world\u2019s second largest oil exporter of as much as 2mn-3mn bpd, according to various estimates.
\nHowever, Russian production has been holding strong so far as Moscow said it is managing to re-route volumes from Europe to Asian buyers, hungry for Russian oil, which sells at a steep discount.
\nThe Wall Street Journal reported on Tuesday, citing Opec delegates, that some Opec members were considering the idea of suspending Russia from the deal to allow other producers to pump significantly more crude as sought by the United States and European nations.
\nThe report came as US diplomats work on organising President Joe Biden first visit to Riyadh after two years of strained relations.
\nTwo Opec+ sources told Reuters an Opec+ technical meeting on Wednesday did not discuss the idea of suspending Russia from the deal.
\nSix other Opec+ delegates said the idea was not being discussed by the group.
\nRussian Foreign Minister Sergei Lavrov, on a visit to Saudi Arabia, said on Wednesday that Opec+ co-operation was relevant for Russia.
\nOpec+ expects an oil market surplus of 1.4mn barrels per day (bpd) in 2022, 500,000 bpd less than previously forecast, two Opec+ sources told Reuters on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reuters Dubai\/London Opec+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five Opec+ sources said on Wednesday as the group fast approaches…<\/p>\n","protected":false},"author":1,"featured_media":6198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,50,57,68,76,77,78,79,81,82,86,87,88,90,96,99,103,107,109,111,112,113,114,121,122,134,137,139,146,148,160,174,176,183,184,201,202,209,222,230,232,233,239,240,244,246,249,250,252,256,262,263,267,268,277,279,280,283,285,288],"class_list":["post-6196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-athensenergydialogues","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-climateaction","tag-climatechange","tag-closure-of-nuclear-power-plants","tag-co2","tag-cyprus","tag-decarbonising","tag-decarbonization","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-market","tag-energy-peace","tag-energyindustry","tag-europe","tag-european","tag-fuels-russian-gas-oil-and-gas-natural-gas","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-liquefied-natural-gas","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-renewable-energy","tag-renewableenergy","tag-rosneft","tag-roudi","tag-russia","tag-russia-in-the-european-energy-sector","tag-russian-sanctions","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-sustainability","tag-total","tag-trump","tag-turkey","tag-ukrain","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6196"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/6198"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}