Page 3 - Mopec Group News Today

Even in europe. but you say supply is tight, but, correct me if im wrong, opec could increase its supply, couldnt it? so theres actually currently very little supply capacity, spare capacity in the opec system. currently, opec members are struggling to produce even their target quotas as they are. there may be some, or there is likely some, in saudi arabia. but not very much. is it a million barrels, less than a million barrels? and perhaps some hundreds of thousands of barrels from places like ...

You mentioned president biden�*s visit to the middle east, to saudi arabia, a big member of the opec group. can the opec group, you say its tight, supply is tight but can they do more? i mean, saudi arabia, if you look at what they say is essentially their maximum spare capacity, or sustainable capacity, they say they can go up to around 12 million barrels. they are currently producing over ten. so there is some additional volume the saudis can bring to the market. but the problem is, if they ...

Watching for over the coming months is that russia has been discounting their barrels in the key asian markets. they are now the top supplier in india. they have essentially taken iraqs number one spot. and so the question is, how are they opec producers going to like to have to compete with russia when it comes to price for the all—important asia market? back in march, helima, president biden released petrol oil reserves for six months. is that going to be extended? well this was the largest ...

Helima, weve talked about opec but there is also opec plus, which russia is a part of. do you think the relationship, russias relationship with opec will change because of the war? well, this is a great question. because russia has been essentially the co—chair of the opec plus arrangements since 2016, when you had russia essentiallyjoin the producer group to really put a floor under prices. and the saudis and the emiratis, the two big middle eastern reduces, have really said that they are loo...

Trade, whereas opec is about, opec members do not trade court the mac oil with a cello. they come on the global market, coming together to set targets and quotas to manage global energy supplies. no matter what geopolitical issues are going on in the world or even conflicts, i mentioned in the middle east we have had many conflicts in the past, that cooperation from global energy price stability is still fundamental for the world economy. well, on that note, majid jafar, thank you so much for yo...

Volatility, which is really harmful for the global economy. majid, as we know, russia is part of what they call the opec+ group. but im wondering, given the war, do you think the relationship between opec and russia will change? so that, you know, partnership the opec+, its russia and several other producers who werent previously in opec. thats about collaborating or cooperating to manage global energy price stability. and, actually, we sawjust two years ago, during the covid pandemic, that the ...

Supply can be re—routed into europe? and it looks fairly constrained, hence the real concern about what happens in a russian gas cut off scenario. on the oil side, there is some additional supply out there, not a lot, but the situation for gas looks much more precarious. well lets go back to royal, you mentioned president biden�*s visit to the middle east, to saudi arabia, a big member of course of the opec group. can the opec group, you say its tight, supply is tight but can they do more? i...

Of thousands of barrels from places like the uae. but its not much overall in the larger scheme of things. and the issue is it takes time and a lot of investment to add to that capacity. and also, you dont want to be losing all the spare capacity because its kind of the balancer that leads to stability in prices. if all the spare capacity goes in the system, you end up with much more price volatility, which is really harmful for the global economy. majid, as we know, russia is part of what they ...

Ago, during the covid pandemic, that the whole world relied on that and actuallyjoined in that alliance. the us government encouraged us companies to participate in that when oil prices crashed and actually hit briefly negative levels. so its been important for global energy stability. its not about, you know, necessarily friendship or political alliance. weve seen in the past opec members sometimes at war with each other, iraq and iran during the 1980s for an eight year war, and yet managed to ...

Producers, have really said that they are looking to keep russia part of the group. theyre not looking to break with moscow, despite the escalating western sanctions, despite their requests from countries like the united states for more opec barrels. so i think that opec are going to try to find a way to put some more supply on the market, while keeping russia within the producer group. but one source of potential tension that we should be watching for over the coming months is that russia has b...