- News
- Insights
- Platts
- UAE sees no need yet for OPEC+ to deviate from planned 400,000 b/d oil output increase
.
-
May 17
-
May 11
-
Apr 25
-
Apr 5
-
Mar 22
-
Mar 14
-
Mar 7
-
Mar 4
-
Feb 25
-
Feb 17
-
Feb 8
-
Feb 4
-
Jan 28
-
Jan 4
-
Dec 31
-
Dec 23
-
Dec 22
-
Dec 20
-
Dec 20
-
Dec 14
-
Dec 9
-
Dec 7
-
Dec 2
-
Nov 30
-
Nov 22
-
Nov 18
-
Nov 15
-
Nov 2
-
Oct 28
-
Oct 27
-
Oct 14
-
Oct 11
-
Oct 7
-
Oct 6
-
Sep 28
-
Sep 22
-
Sep 16
-
Sep 15
-
Sep 8
-
Sep 7
-
Sep 1
-
Aug 25
-
Aug 19
-
Aug 12
-
Aug 11
-
Aug 6
-
Aug 5
-
Jul 28
-
Jul 19
-
Jul 16
-
Jul 14
-
Jul 9
-
Jul 1
-
Jun 22
-
Jun 17
-
Jun 16
-
Jun 10
-
Jun 9
-
Jun 3
-
Jun 2
-
May 27
-
May 24
-
May 17
-
May 13
-
May 11
-
May 10
-
May 7
-
May 6
-
Apr 30
-
Apr 29
-
Apr 21
-
Apr 21
-
Apr 8
-
Apr 6
-
Mar 24
-
Mar 18
-
Mar 16
-
Mar 15
-
Mar 11
-
Mar 8
-
Mar 2
-
Feb 26
-
Feb 23
-
Feb 18
-
Feb 5
-
Feb 3
-
Jan 28
-
Jan 26
-
Jan 21
-
Jan 19
-
Jan 12
-
Jan 6
-
Dec 29
-
Nov 26
-
Nov 24
-
Nov 12
-
Nov 3
-
Oct 28
-
Oct 26
-
Oct 21
-
Oct 13
-
Oct 8
-
Oct 6
-
Sep 24
-
Sep 17
-
Sep 8
-
Sep 2
-
Aug 31
-
Aug 27
-
Aug 21
-
Aug 19
-
Aug 13
-
Aug 5
-
Aug 3
-
Jul 28
-
Jul 23
-
Jun 25
-
Jun 4
-
May 27
-
May 22
-
May 15
-
May 6
-
May 4
-
May 1
-
Apr 30
OPEC and its allies are likely to stick to their plan to increase crude oil output by 400,000 b/d next month, even if key consuming countries release barrels from their strategic reserves, though a looming oversupply in the first quarter will bear watching, UAE energy minister Suhail al-Mazrouei said Nov. 23.
“I don’t think we are changing the plan,” Mazrouei told reporters at the Expo 2020 in Dubai. “As of now, we are going to meet on the 2nd [and] we will look at the facts, we will look at the volumes in the market, and we will take the decision based on those facts.”
The OPEC+ alliance is scheduled to meet Dec. 2 to decide on January production levels, amid strong hints from the US, China, Japan and India that a coordinated crude release from their strategic petroleum reserves was imminent.
The speculation over the release has contributed to Dated Brent briefly falling below $80/b, after hitting three-year highs above $85/b in late October. S&P Global Platts assessed the benchmark at $81.11/b on Nov. 22.
Some OPEC+ delegates had told S&P Global Platts that the producer bloc could reassess its options if the SPR draws cause the market to be oversupplied. A further ratcheting of coronavirus lockdown measures in Europe may also prompt the OPEC+ alliance to delay or withhold its planned production increases, sources have said.
The US, Japan and India had publicly lobbied OPEC+ ministers to go beyond their planned monthly 400,000 b/d production increases to cool off a surging market that they said was endangering the global recovery from the pandemic.
But the OPEC+ alliance has so far rebuffed those requests, citing several forecasts, including from the International Energy Agency and the US Energy Information Administration, that the market would tip from deficit to surplus by January.
“We are meeting as planned,” Mazrouei said. “We are looking at all of the technical data, and all of them are suggesting that we will have a surplus in the first quarter, so there is no logic in increasing our contribution.”
He said any planned SPR releases were “a state matter, and they don’t consult with us when they increase the SPR or they decrease it.”
Platts ,