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By Tsvetana Paraskova
Investments in technology, an offshore gas discovery, and OPEC’s latest views on the global oil market featured in the oil and gas industry in the Middle East in the past month. The OPEC+ alliance of Middle East-dominated OPEC and non-OPEC producers led by Russia continued to increase their overall production quota, but the group has been significantly under-producing compared to targets, widening the gap between intended and actual oil supply, which tightens the market.
OPEC+ Rubberstamps Another Output Increase At the regular monthly meeting on 2 February, OPEC+ decided to increase monthly production levels by another 400,000 barrels per day (bpd) in March, for a total production quota for the group at 41.294 million bpd. The two leaders of OPEC+, Saudi Arabia and Russia, will each have 10.331 million bpd production target. Despite yet another boost in nameplate production quotas, OPEC+ is already lagging behind by an estimated 900,000 bpd from targets and the gap will likely grow in coming months as more members hit their capacity to pump crude oil, analysts say.
www.ogv.energy I March 2022
