OPEC+ to Hold June 2 Output Policy Meeting Online

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
TT

OPEC+ to Hold June 2 Output Policy Meeting Online

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.
The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday.
OPEC+ oil producers are making voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut.
The curbs are on top of earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022. That brings total pledged cuts to 5.86 million bpd, equal to about 5.7% of daily world demand, Reuters calculations show.
Sources from countries that have made voluntary supply cuts told Reuters this month that an extension was likely.
The OPEC+ supply cuts since late 2022 have been against a backdrop of rising output from the United States and other non-member producers while worries over demand have remained in focus as major economies grapple with high interest rates.



Israel Approves Extra Gas Exports, Leviathan Field to Be Expanded 

An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
TT

Israel Approves Extra Gas Exports, Leviathan Field to Be Expanded 

An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)

Israel on Wednesday approved the export of more natural gas from its offshore fields to boost the economy and energy security, and its partners in the huge Leviathan project in turn said they planned to invest up to $500 million to expand its capacity.

Energy Minister Eli Cohen said the decision to more than double the amount of gas allowed for exports would strengthen diplomatic ties, improve Israel's energy security and bring an added windfall to the economy.

His ministry gave the green light for the export of an additional 118 billion cubic meters (bcm) of natural gas from the east Mediterranean reserves, beyond the 105 bcm previously approved. The companies will still need to get specific export licenses for the additional quantities.

The Leviathan partners, which include operator Chevron and Israeli companies NewMed Energy and Ratio Energies, said they now intend to invest $400-500 million to expand the project, which primarily exports to Egypt and Jordan.

That includes the project's front-end engineering design and long lead items, NewMed said. It added that additional exports could rise to 145 bcm if certain conditions are fulfilled.

"Demand for natural gas in Israel and regional markets is rising and as such we are preparing to expand production at the Leviathan project," said Ratio chief executive Yigal Landau.

Leviathan currently produces 12 bcm a year, and that will gradually rise to about 21 bcm a year, NewMed said. It said the group is continuing to negotiate new deals to sell gas domestically and internationally.

Israel exported 8.6 bcm of gas to Egypt in 2023, which is an increase of 39% over the prior year. It also supplied Jordan with 2.9 bcm in 2023.