Decisive response by
#Saudi
energy minister Prince Abdulaziz to a question about whether the era of "oil production is over":
"We're increasing our production capacity... And not only have we decided to do so, but I repeat that you might expect more of that to happen."
#oott
🇸🇦
#Saudi
energy minister Prince Abdulaziz bin Salman: "When in our lifetimes have we seen refining margins of $47-50/bl... It tells you that there is no refining capacity commensurate with the current demand and expectation of demand this summer."
#oott
#mpgc2022
@talkSPORT
Oh for crying out loud, no. No he does not. The fans behind the goal were giving it to him throughout the game. He was giving a bit back. That's fine. That's a big part of what modern football is. Ramsdale has done nothing wrong here.
🇬🇷🇮🇷 Iranian embassy in Athens today confirms: After intensive efforts to follow-up, the Greek Court of Appeals has overturned the initial ruling that allowed the confiscation [by the US] of Iranian oil... By god's grace, the entire cargo will be returned [to
#Iran
].
#oott
"Instead of I'm back, we'll say we are back.
#Opec
+ has the opportunity today to become, collectively, the Schwarzenegger of international organization and activity" -
#Saudi
energy minister Prince Abdulaziz bin Salman at today's Opec+ meeting.
#oott
#Kuwait
's oil minister confirms the
#Opec
+ deal has been agreed and finalized:
"We now announce the completion of the historic agreement to reduce output by approx 10mn b/d from members of "Opec+" starting from May 1, 2020."
#oott
🇸🇦
#Saudi
energy minister Prince Abdulaziz: "The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels, including SPRs. This is a reality."
#oott
#Opec
+
🚨 "We think we need at least $520bn in investment each year just to hold [oil production] flat at 100mn b/d. Today, we are not even at $400bn - we're at $370bn." -
@EnergyAspects
' Amrita Sen.
#oott
#Opec
+
Awkward moment from Monday's meeting between 🇮🇷
#Iran
's oil minister Javad Owji and 🇻🇪
#Venezuela
's oil minister Tareck El Aissami in Caracas, via
@KayhanLife
#oott
🇻🇪: 😃 "Viva Iran!"
🇮🇷: 😃 "Viva Venezuela!"
🇮🇷: 😃 "Down with USA"
🇻🇪: 😬 "Don't say that"
🇮🇷🇻🇪: ✌️✌️
🇳🇬 Nigeria's oil minister warns there is no real capacity within
#Opec
+ to keep hiking proudcfion.
“If there's anything we can do to produce more, Opec will be the first to do so. But unfortunately, this capacity doesn’t exist in most countries”
#oott
NEW: Neither Saudi Arabia nor the wider
#Opec
+ group have any specific target for oil prices, and no member of the producers' alliance is about to abandon output discipline in favour of chasing market share, multiple Opec+ sources tell Argus.
#oott
🔓
?
WOW: 🇺🇸🇮🇷US President Joe Biden
@POTUS
is asked here if he can announce that the
#JCPOA
is dead. He says “it is dead - but we’re not going to announce it.”
Guess what, big fella - you just announced it.
#oott
🇮🇷 Video purporting to be of aftershock following today’s
#earthquake
in Bandar Abbas on
#Iran
’s southern coast. Man says: “look what the quake did to the mountains… another earthquake, it’s shaking the trucks and flattening the mountains.”
🇮🇷
#Iran
's state broadcaster in Isfahan this am: "The city is in complete calm and security, people are going on with their normal lives."
"1-2 hours ago, sounds were heard in the sky. We understand several miniature UAVs were overhead, which were shot down."
#oott
🇮🇷🇮🇱 Fascinating
@Jerusalem_Post
report on what happened in Isfahan this a.m.
"Israeli official security and governmental sources told The Jerusalem Post Friday: "An eye for an eye, a tooth for a tooth. Israel retaliated where they were attacked.”
WOW. 🇦🇴
#Angola
's oil minister announces that the country is LEAVING
#Opec
"The decision, duly considered, was taken at a session of the Council of Ministers, guided by the President of the Republic, João Lourenço."
Comes weeks after the row over 2024 production targets.
#oott
🇸🇦
#Saudi
energy minister HRH Prince Abdulaziz bin Salman just announced the closure of the 23rd Opec-Non-
#Opec
meeting - delegates.
#oott
That was the December 2021 meeting was was kept "in session."
Tough day on the
#covid19
front in the
#GCC
today as
#Saudi
Arabia,
#Qatar
and
#Oman
all report record-high new case numbers:
▫️ Saudi Arabia: 2,039 | Total: 46,869
▫️ Qatar: 1,733 | Total: 28,260
▫️ Oman: 322 | Total: 4,341
#OPEC
+ meetings are over. And this is where we are *SO FAR*...
- the 2mn b/d formal Opec+ cut that the group had already extended in 2023 to end 2024 has now been extended to end 2025.
- that's what is reflected in the first table below. All targets are the existing targets. BUT
#India
Petroleum minister says gasoline consumption in India is today already 15pc above pre-Covid levels; and diesel 6-10pc above pre-Covid levels.
#oott
Director General of
#Lebanon
's public security says the explosion at
#Beirut
port was not caused by a bomb, but by highly-explosive materials that were confiscated several years ago -
@AJABreaking
#Saudi
energy minister in response to a question whether Opec+ is using energy as a weapon with today's agreement to cut production targets by 2mn b/d:
"Show me where is the act of belligerence."
#oott
@OilSheppard
I'm afraid Google has made that a lot more bullish than it actually is.
Zanganeh says:
#Mexico
raised some reservations that it had on Thursday. But I hope once those reservations are taken into account, we can arrive at a final decision tonight.
#oott
Macron, at the conclusion of the G7 summit in Biarritz, France: "We hope in the next few weeks we can achieve that [Rohani-Trump] meeting. Our purpose is to ensure the stability of the region, and to ensure that
#Iran
should never have nuclear weapons."
#oott
With
#Opec
+ today agreeing to cut 2mn b/d from current targets, we're talking about an effective cut of approx 900k b/d, give or take.
Why? Because the cut would only impact those countries producing at or close to target: KSA, UAE, KUW, S SUD, ALG, GAB, IRQ and OMN.
#oott
🇸🇦 The
#Saudi
economy grew by 12.2pc year on year in the second quarter, according to the General Authority for Statistics, the highest quarterly growth rate for more than a decade. Growth supported by a 22.9pc year-on-year increase in oil activities.
#oott
"What is best about the oil market is, give it a day or two, reality will fall in, and people will start realising..." -
#Saudi
energy minister days after the 2 June
#Opec
+ meeting.
NEW: 🇨🇳🇸🇦 Chinese imports of
#Saudi
crude are likely to rise strongly in Q4 as state-owned and private-sector firms step up purchases, and Aramco finalises a number of its partnerships with Chinese firms.
#oott
BREAKING: 🇰🇼
#Kuwait
's
@kipicofficial
says operations at the 615k b/d Al-Zour refinery have almost ground to a "complete halt" after an interruption in "fuel gas supplies" from
@KocOfficial
due to a faulty valve. Restart of operations to previous levels to take ~10 days.
#oott
When a picture is worth a thousand words:
#Iran
's oil minister Zanganeh sharing a word with the
#Saudi
oil minister al-Falih on the sidelines of today's
#Opec
meeting. It's all happy families at Opec
#oott
/
@isna_farsi
#Saudi
energy minister Prince Abdulaziz bin Salman to
#Iran
's Bijan Zanganeh: "our friendships last forever. I'm honored you call me a dear friend and I'd have to reciprocate by also saying I will continue to look at you and share this friendship until we are alive."
#oott
With the utmost respect, no. Such an endeavor would require $100bn+ in investment at the very least. Probably much more. Even if sanctions were to be lifted, the appetite to invest in today's
#Iran
is simply not there atm.
#oott
🇺🇸🇸🇦 The US complaining about the
#Opec
+ decision because it hurts American interests is one thing.
But repeatedly dictating to Saudi Arabia and Opec+ countries what is or is not "in their economic interest" is something entirely different...
#oott
“What
#OPEC
+ did this week was disappointing because we don’t think it was in their economic interest, or the economic interests of the rest of the world,” Deputy Treasury Secretary Adeyemo
#oott
ICYMI: 🇺🇸🇸🇦 Rep. Tom Tiffany (R) demanded a hearing into whether the Biden admin tried to influence the outcome of the midterm election by asking
#Saudi
Arabia to push back an
#Opec
+ plan to lower oil production quotas by one month.
#oott
Sure, we now have this 10mn b/d
#Opec
+ deal in place.
Yes, ok,
#Mexico
...
But forgetting Mexico for a minute, a massive 2.5mn b/d of the cut is down to
#Russia
. The same Russia that has struggled so badly to deliver cuts of just 200k-300k b/d since January 2017.
#oott
ICYMI:🇸🇦🇺🇸
#Saudi
Arabia has given the US no
concrete commitments on boosting oil output, saying it will only do so if the market is in deficit.
#oott
🔓
Interestingly,
#Lebanon
's Director General of public security Abbas Ibrahim also described the theory that fireworks were behind the
#Beirut
explosion as "ridiculous".
🇸🇦
#Saudi
energy minister Prince Abdulaziz on the current spat with the US over energy/
#Opec
+ cut etc:
"I think we, as Saudi Arabia, decided to be the more mature guys."
#oott
🔥
NEW: 🇮🇷
#Iran
's oil minister has warned that the country could switch back to being a net gasoline and gasoil importer "within 2 to 3 years" if domestic consumption continues to grow at current rates.
#oott
🔓
Everyone continues to talk about quantity when discussing the impact of the loss of Iranian barrels from the market. But the bigger issue is quality: Simply put, it's not easy to replace the type of oil that
#Iran
produces.
@rezaamanat
#oott
🇸🇦
#Saudi
energy minister Prince Abdulaziz: "The world was hoping to crucify us for being the largest liquids exporter in the world - we will deliver [on our targets] and now we want to hold the world accountable to us."
#COP27
#SGIForum
🇦🇪
#UAE
energy minister al-Mazroeui: I think
#Opec
+ will stay.
#Russia
is an important member, and leaving the politics aside, this volume is needed today. Unless someone is willing to bring 10mn b/d... we don't see how one can substitute Russia.
#oott
@AtlanticCouncil
🇸🇦🇵🇸
#Saudi
Crown Prince MBS: “The conditions must be created for the return of stability and achievement of lasting peace that ensures a just solution to establish a Palestinian state within 1967 borders to achieve security and prosperity for all."
#oott
🇸🇦🇷🇺 This is such a weird narrative. Yes,
#Russia
may be producing more that
#Saudi
in a certain month, but that's entirely manufactured. And a shift in power? Power comes from capacity. Ability to produce. Not production in any given month.
#oott
The first man in space, Russian cosmonaut Yuri Gagarin, has been stripped of his honours by the Space Foundation, which censored his name “in light of current world events.”
🇮🇷 Despite growing scrutiny around
#Iran
's oil exports (and sanctions), its crude output continues to climb.
#Opec
secondary sources saw Iran's April output up by more than 650k b/d since 2022. We
@ArgusMedia
saw output slightly higher at 3.3mn b/d, up 720k b/d since 4Q22.
#oott
NEW: 🇮🇷
#Iran
says it will export its first ever crude oil cargo from its new Jask oil terminal on Thursday [22 July]. This will be Iran's first crude export from outside the Mideast Gulf and beyond the Strait of Hormuz. Map credit:
@AFP
#oott
This is just a brilliant picture.
🇸🇸🇸🇦 A meeting between the Southern Sudanese foreign minister Mayiik Ayii Deng and a delegation headed by the Saudi ambassador to South Sudan, Ali bin Hassan Jaafar.
Ali Abdezadeh, chief of
#Iran
's civil aviation authority, tells
@PressTV
it is "not possible" that the Ukraine Int'l Airline jet that crashed in Iran yesterday was hit by a missile. Says Ukrainian team of experts is now in Tehran to investigate the incident.
🇺🇲🇸🇦 US President Joe Biden in response to a question about him meeting Saudi Crown Prince Mohamed bin Salman during his planned visit to the Kingdom in July:
"I'm not going to meet with MbS. I'm going to an international meeting and he's going to be part of it."
#oott
🤔
King of Bahrain arrives in Dubai with his robot bodyguard fitted 360 with cameras and in built pistols. Technology moving very fast than ever in history. Now politicians might order this too
Interesting. 🇨🇾
#Cyprus
is the ONLY country in Europe for which oil is the largest source of electricity generation. Thanks to
@AzizSapphire
for sharing the map.
#oott
🇦🇪
#UAE
energy minister confirms the new 2024 baseline is 200k b/d above previously baseline, allowing it to increase its production by that volume from the start of the year.
He says although the baseline is closer now to capacity, it is still some way below it.
#oott
#Opec
+
🇮🇷 Today,
#Iran
's oil minister said the country was facing a 240mn cubic meters/day gas deficit last winter.
The same Iran some keep saying could save Europe this winter if sanctions were to be lifted. But it cannot. Not now. And not without SIGNFICIANT investment first.
#oott
وزیر نفت با بیان اینکه در مصرف گاز در بخش خانگی سالانه بیش از ۶ درصد با افزایش روبهرو هستیم، گفت: پارسال با ناترازی ۲۴۰ میلیون مترمکعب گاز زمستان را پشت سر گذاشتیم، امسال نیز برنامههای کوتاهمدتی برای سپری کردن فصل سرد سال طراحی شده است.
🇮🇷
#Iran
's oil minister says crude output now at 3.4mn b/d, will reach 3.6mn b/d by the end of the current Iranian year (March 2024), and rise to 4mn b/d in the new year (March 2024-25).
CONTEXT: Iran hasn't produced 4mn b/d for 20+ years, despite getting close in 2004-05
#oott
🇮🇶 My gut tells me this gets walked back by the Iraqis... very soon. Despite being
#Opec
's second largest producer,
#Iraq
doesn't typically throw its weight around in public like this. Interesting times.
#oott
Parallels made are understandable. But the world has changed. The region has changed. From what I have been told, there is no appetite for, and no interest in, any such thing among the Arab Gulf producers. Not something anyone is looking to repeat.
#oott
Analysts dismiss likelihood of a 1973 style oil embargo but with all major Arab Gulf oil producers now calling for an immediate ceasefire in
#Gaza
how long before crude diplomacy is used? It’s the region’s only real political leverage.
#Opec
secretary general says $12.1 trillion needed in oil investment between now and 2045 - more than $500bn each year - not only add capacity but fight natural decline.
#oott
@ADIPECOfficial
🇮🇷🇷🇺
#Iran
's state oil company NIOC has signed an MOU with
#Russia
's Gazprom covering cooperation on a host of Iranian oil and gas projects that Iran values at $40bn.
🚨 Important to say no actual investment, as yet. Just a [non-binding] commitment to do so in the future.
#oott
NEW:
#Opec
+ reaches a grand compromise. The group will boost its collective output by up to 400k b/d each month through end 2022. But, from May 2022 5 countries - KSA, RUS, UAE, IRQ, KUW - will have higher baselines to tune of 1.63mn b/d combined.
#oott
🔓
NEW:
#Iran
oil ministry's news agency Shana reporting that an NIOC tanker carrying Iranian condensate from the South Pars field to South Korea is on fire after colliding with a Chinese cargo ship approx 60 miles south of South Korea.
#oott
NEW: 🇨🇾
@exxonmobil
and
@qatar_energy
have resumed drilling in block 10 offshore
#Cyprus
to appraise the “significant” discovery they made at the Glafcos 1 well in February 2019. Below a video of the start of drilling of the Glafcos 2 well.
#oott
#ongt
🇸🇦
@Aramco
CEO: Oil and gas will continue to be part of the world's energy mix for the foreseeable future. We see industry capital investment being insufficient to meet demand, with much dedicated to projects with higher depletion, requiring still higher future investment.
#oott
NEW: 🇮🇷 An in-depth look at what an Israeli retaliatory strike on Iran's oil facilities could look like and what the implications might be, both for Iran and the oil market. With insights from the excellent
@hfalakshahi
and Armen Azizian
@Vortexa
@kpler
🔓
#Opec
+: Today's decision is one to reduce the group's overall quota/ target. NOT production.
Opec+ production in July was 2.9mn b/d BELOW target.
So a 100k b/d reduction in quota does v little to impact physical vols. It really only reduces the gap/ shortfall.
#oott