New base 19 november 2021 energy news issue 1470 by khaled al awadi

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NewBase Energy News 19 November 2020 No. 1470 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
US auctions 80M acres of oil and gas drilling leases in Gulf
of Mexico after climate talks to reduce CO2
The Gurdian - Oliver Milman
Just four days after landmark climate talks in Scotland in which Joe Biden vowed the US will “lead
by example” in tackling dangerous global heating, the president’s own administration is providing a
jarring contradiction – the largest ever sale of oil and gas drilling leases in the Gulf of Mexico.
The US federal government is on Wednesday launching an auction of more than 80m acres of the
gulf for fossil fuel extraction, a record sell-off that will lock in years, and potentially decades, of
planet-heating emissions.
The enormous size of the lease sale – covering an area that is twice as large as Florida – is a blunt
repudiation of Biden’s previous promise to shut down new drilling on public lands and waters. It has
stunned environmentalists who argue the auction punctures the US’s shaky credibility on the climate
crisis and will make it harder to avert catastrophic impacts from soaring global heating.

“Coming in the aftermath of the climate summit, this is just mind boggling. It’s hard to imagine a
more hypocritical and dangerous thing for the administration to do,” said Kristen Monsell, senior
attorney at the Center for Biological Diversity. “It’s incredibly reckless and we think unlawful too. It’s
just immensely disappointing.”
“This administration went to Scotland and told the world that America’s climate leadership is back,
and now it’s about to hand over 80m acres of public waters in the Gulf of Mexico to fossil fuel
companies,” said Raul Grijalva, chair of the House natural resources committee. “[The] lease sale
is a step in the wrong direction, and the administration needs to do better.”
There is no guarantee that all the leases will be taken up by oil and gas companies but the
Department of the Interior, which oversees public lands and waters, has estimated there is as much
as 1.12bn barrels of oil and 4.2tn cubic ft of gas available for extraction. A separate lease sale
offered by the government in Alaska’s Cook Inlet will offer up another 192m barrels of oil and 301bn
cubic ft of gas to drillers.

Combined, these leases would result in nearly 600m tons of planet-heating gases if fully developed
over the next four decades, which is more than the total annual emissions of the UK.
The sale represents a “huge climate bomb”, according to Earthjustice, one of the green groups that
has lodged a lawsuit claiming it lacks a proper environmental assessment. Biden has set a target
for the US to cut its emissions in half this decade before getting to net zero emissions by 2050.
Critics say a worrying pattern has emerged during Biden’s tenure, with his administration handing
out drilling permits at a rate of more than 300 a month since his inauguration, a faster pace even
than under Donald Trump.
At the Glasgow talks, known as Cop26, the US also declined to sign on to an agreement to end coal
mining, or to phase out gasoline and diesel cars. “It truly calls into question whether the Biden
administration’s climate agenda is nothing but broken promises,” said Jeremy Nichols of WildEarth
Guardians, an environmental group.
Biden struck a defiant posture against the fossil fuel industry when campaigning for the White
House, stating in a Democratic primary debate last year that there will be “no more subsidies for
fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability
for the oil industry to continue to drill, period, ends, number one.”
Once in office, Biden quickly moved to realize at least part of this vision, calling a temporary halt to
the issuance of oil and gas drilling permits across America’s vast publicly owned lands and ocean
territory pending a review into how they are conducted.
Experts have said that the development of new oil and gas fields must stop this year if the world is
to avoid more disastrous heatwaves, floods and other climate impacts, with fossil fuel production on
America’s public lands causing around a quarter of the country’s overall greenhouse gas pollution.

However, the oil and gas industries immediately objected to Biden’s move, claiming it imperiled jobs
and risked pushing up energy prices, and a dozen states sued to lift the moratorium. In June, a
federal judge in Louisiana agreed with the states and found that the government hadn’t taken the
required steps to pause new leases.
This courtroom setback has forced the Gulf of Mexico sale, according to the Biden administration.
A spokeswoman for the Department of the Interior said it is “complying” with the court ruling while
also appealing it and devising a better system to measure the emissions impact of oil and gas lease
sales.
Jen Psaki, Biden’s press secretary, said on Monday: “It’s a legal case and legal process, but it’s
important for advocates and other people out there who are following this to understand that it’s not
aligned with our view, the president’s policies, or the executive order that he signed.”
But legal experts say the court decision doesn’t, in itself, prevent the administration from stopping
or delaying a scheduled lease sale, or from scaling it back.
“The Louisiana opinion doesn’t force the administration to move forward with any particular lease
sale – the Department of Interior still has discretion over that,” said Max Sarinsky, a senior attorney
at the New York University School of Law. “If they were to postpone, I’m almost certain they would
be sued by oil and gas interests, but that’s another matter.”
To many living on the Gulf’s coast, the huge expansion in oil drilling, reaching down through up to
two miles of ocean into the seabed, raises concerns over a repeat of the numerous oil spills that
have caused varying degrees of devastation to coastal communities and wildlife.
“That’s a fear we live with,” said Anne Rolfes, director of the Louisiana Bucket Brigade, an
environmental group based in New Orleans. “There are spills every year and nothing is done to stop
it – all the technology goes into how to drill further out, not to clean up spills or pipeline repair. The
industry is like a cancer, it’s just relentless growth. It’s disappointing Biden won’t take a firmer
stance.”

UAE: ADNOC awards USD1.46 billion EPC contracts for the
Dalma Gas Development Project…. Source: ADNOC
The Abu Dhabi National Oil Company (ADNOC) announced today, the award of two engineering,
procurement and construction (EPC) contracts totaling $1.46 billion (AED5.36 billion) for the Dalma
Gas Development Project.
The Dalma field is part of the Ghasha Concession which is the world’s largest offshore sour gas
development and an important enabler of gas self-sufficiency for the United Arab Emirates (UAE).
The two EPC contracts, awarded to National Petroleum Construction Company (NPCC) and a joint
venture (JV) between Técnicas Reunidas and Target Engineering, include the construction of gas
conditioning facilities, wellhead topsides, pipelines and umbilicals.
Seventy percent of the award value will flow back into the UAE’s economy under ADNOC’s
successful In-Country Value (ICV) program, reinforcing ADNOC’s commitment to ensuring more
economic value remains in the country from the contracts it awards.
Package A of the two Dalma EPC contracts was awarded to NPCC and is valued at $514 million
(AED1.89 billion). It covers the EPC of four offshore wellhead towers, pipelines and umbilicals in
Hair Dalma, Satah, and Bu Haseer fields.

Package B, awarded to the Técnicas Reunidas and Target Engineering JV, is valued at $950 million
(AED3.49 billion) and covers the EPC of gas conditioning facilities for gas dehydration, compression
and associated utilities on Arzanah Island located 80 kilometers from Abu Dhabi.
Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said:
'The award of the Dalma EPC contracts as well as ongoing artificial island construction and
development drilling underscore the progress of the Ghasha mega development. As we continue to
execute this strategic project, we are ensuring it delivers substantial In-Country Value to drive
economic growth and support the objectives of the UAE’s Principles of the 50, set out by the
country’s wise Leadership.
'ADNOC and its partners remain guided by our strategic production capacity objectives and
sustainability ambitions. Together, we are responsibly progressing the Ghasha mega development
to maximise value as well as support the gas self sufficiency goal of the UAE.'
Both engineering contracts are expected to be completed in 2025 and will enable the Dalma field to
produce around 340 million standard cubic feet per day (mmscfd) of natural gas. The offshore Dalma
field is located 190 kilometers northwest of the Emirate of Abu Dhabi. ADNOC has advanced orders
for long lead items and completed seven development wells at Dalma, enabling smooth and
expedited project delivery.
ADNOC continues to work with its concession partners to responsibly progress the Ghasha mega
project, aiming to further optimize costs and timing, as well as accelerate the integration of carbon
capture, while remaining focused on production objectives and requirements. As part of this,
ADNOC and its partners have today awarded a contract to Technip Energies to update the Front-
End Engineering and Design (FEED) for the concession.

Saudi Arabia Lures ESG Investors With Green Bonds
Bloomberg
With the biggest member of the world’s No. 1 oil cartel readying its first-ever green bond, sustainable
investors are debating what to make of it.
Saudi Arabia’s plan to enter the market for green bonds marks a watershed moment. Some
investors say it represents an encouraging step for the oil-addicted Gulf state to plot a path away
from fossil fuels. Others are asking for credible evidence the debt will genuinely be green.
The upshot, though, is that the biggest oil exporter on the planet is likely to find plenty of buyers for
a bond it says will be climate friendly.
Both the Saudi government itself and the kingdom’s sovereign wealth fund are preparing to sell
green bonds in the coming months. The deals may raise billions of dollars each and will help the
Public Investment Fund finance projects like a so-called sustainable tourism resort on the Red Sea
that will be powered entirely by renewable energy, according to people familiar with the plans.
According to Todd Schubert, head of fixed-income research at Bank of Singapore Ltd., it almost
makes no difference who an issuer is, given the near insatiable appetite for green assets. “The
demand for green and other ESG bonds is so voracious that I would expect Saudi Arabia to have
little trouble consummating this deal,” he said.

Saudi Arabia is trying to recast itself as a viable target for capital in a world increasingly shaped by
environmental concerns. Last month, the kingdom pledged to neutralize greenhouse gas emissions
within its borders by 2060, and has earmarked billions for carbon-capture technology as part of that
goal.
Such commitments are made “not because it’s cool; they’re doing it because they have to,” said
Hawazen Nazieh Nassief, vice president of ESG and external affairs at National Energy Services
Reunited Corp., a Houston-based oilfield services company operating in the Middle East and North
Africa.
“Because if they don’t, and they continue to produce oil the way they are producing it today, people
will stop buying it eventually.”But skeptics point out that the first net-zero commitment put forward
by the OPEC giant was conspicuously sparse on details.
Saudi Arabia has insisted on its right to continue pumping crude oil for decades to come. It’s also
rejected an analysis by the International Energy Agency, which calls for an end to new oil and gas
exploration if the planet is to avoid catastrophic overheating.
According to the government of Crown Prince Mohammed bin Salman, the de facto Saudi ruler, the
main culprits behind this year’s increase in energy prices are climate activists. Meanwhile, no other
G-20 country emits as much carbon dioxide per capita as Saudi Arabia.
Among investors on the sidelines is
Nordea Asset Management, which
oversees about $300 billion for its
clients. Sascha Stallberg, a portfolio
manager at Nordea, said its
participation in a Saudi green bond
sale “will depend on the type of
projects financed, how they fit the
overall green ambition of the
country, and if detailed near-term
climate targets are published with it.”
But there are plenty of investors who
are unlikely to be deterred by the
optics of buying a green bond from
an oil major, both inside and outside
the Gulf.
Uday Patnaik, a London-based
money manager at Legal & General
Group Plc, said asset managers will
take a sober approach and just
“evaluate the underlying
investments” that a Saudi green
bond would go toward. “There would
be interest.”
He also pointed to efforts by the
Crown Prince to bring other energy
sources into the Saudi mix. That’s
amid a realization that the country is
more exposed than most to the

physical fallout from global warming, with temperatures regularly topping 50 degrees Celsius (122
Fahrenheit) during heat waves in recent years.
With a reduction in carbon emissions increasingly becoming an act of self-preservation, renewable
energy is receiving more attention. Saudi Arabia plans to increase the mix of solar and wind energy
in its local grid to 50% by 2030, with natural gas set to make up the rest.
The country is also investing heavily in hydrogen, which is seen as crucial to its eventual shift away
from oil and gas.Such “mega’’ projects mean the 2060 net-zero commitment “shouldn’t be a
challenge,’’ Nassief said.
“Mohammed bin Salman has been looking to diversify the economy for several years now, so in
that sense the credibility is there,” Patnaik said. Environmental, social and governance investing
also is on its way to becoming a more frequent fixture of financial discussions in the region.
“We’ve been meeting with a number of different issuers in Saudi Arabia over the past few days and
this topic of ESG came up in every meeting, and by extension green bonds,” said Francis La Salla,
the chief executive of Issuer Services at BNY Mellon.
“In the Gulf, and particularly in Saudi Arabia, there is a very keen awareness that in order to tap into
global capital markets, you’ve got to think about green bonds.”“While there may be some investors
who will refuse to buy the deal based on their green values, I don’t expect that this group would be
large enough to impact the deal technicals that much.
”Nassief of National Energy Services Reunited says there’s a clear interest in the region to cater
more to ESG investors. And there’s also “pressure from investors mainly from Europe and the U.S.
on companies from all over the world to improve ESG performance, which is obviously a positive
thing,’’ she said. Investors don’t only look at the ESG metrics, though. “They also want to make
money,” Nassief said “That’s a reality.”
According to Schubert at Bank of Singapore, there’s a good chance Saudi Arabia, like other green
bond issuers, would be able to sell at better terms than non-green issuers.

Morocco: SDX Energy commencement of drilling operations ..
Source: SDX Energ
AIM-listed SDX Energy, the MENA-focused energy company, is pleased to announce the
commencement of the second phase of its 2021 drilling campaign in Morocco, with the spud of
the KSR-19 well. KSR-19 will be followed by the SAK-1 well which, if successful, will open a new
exploration area for SDX in the Company's Lalla Mimouna Sud concession.
Mark Reid, CEO of SDX, commented:
'I am pleased to announce that the Company has commenced the second phase of its 2021 drilling
campaign in Morocco.
This second phase will
consist of two wells with
the objective of adding
reserves to allow us to
continue to deliver gas to
our customers in line with
their contractual
requirements.
Furthermore, with SAK-1,
we hope to open a new
exploitation area at Lalla
Mimouna Sud to the west
of our core producing
area. I look forward to
updating the market in the
coming month on the
results of these wells.'
The Company’s Moroccan acreage consists of five concessions in the Gharb Basin in northern
Morocco
2021 Moroccan Drilling Campaign
This first phase of the 2021 Morocco drilling campaign consisted of three successful
appraisal/development wells in the Company's operated Gharb Basin acreage (SDX: 75% working
interest).
The second phase consists of two wells, the first of which is KSR-19 which spudded on 18
November targeting the Main Hoot reservoir at an approximate depth of 1,780 metres TVDSS. This
will be followed by the SAK-1 well targeting a Guebbas reservoir at a depth of approx. 1,300 metres
TVDSS.
Both wells are looking to encounter shallow, biogenic gas accumulations. KSR-19 is near to the
Company's existing infrastructure, thus enabling the tie-in to be completed quickly and at low cost.
SAK-1 is a little further from the existing infrastructure, but will still be relatively quick to tie-in and,
if successful, will open a new area for follow on drilling and further exploitation. The Company is
utilising the drilling rig that was previously stacked in its yard in Morocco, thereby incurring minimal
mobilisation costs.
The campaign is expected to complete in December 2021, at which point the Company will update
the market on results.

U.S. Resumes Energy-Market Probes After Record Low In Trump Era
Bloomberg - Naureen S. Malik
Investigations into U.S. energy markets rebounded from a record low last year as the regulatory
agency flexed its authority under the Biden administration to hold utilities, pipelines and traders
accountable for fraud to reliability and environmental violations.
The Federal Energy Regulatory Commission launched 12 new investigations in the fiscal year
ended Sept. 30, climbing from six the previous year, according to the agency’s annual enforcement
report released Thursday.
he enforcement staff’s surveillance team recommended two potential investigations into natural
gas and power market violations related to extreme weather events in February after reviewing
more than two dozen inquiries.
During the year, the commission’s investigations resulted in $6.4 million civil penalties and
disgorgement of profits through eight settlements, up from three settlements totaling about $550,000
in the previous 12 months, which was the lowest in data going back to 2007.
“I’m pleased to see, after a lull over the last couple of years, the commission is pursuing market
manipulators,” Chairman Richard Glick said during a monthly commission meeting Thursday.
Promoted by the Biden administration earlier this year to run the regulatory agency, Glick has vowed
to step up enforcement after last year criticizing FERC for failing in its responsibility to hold traders
accountable for breaking the rules.
Now, the commission potentially faces its biggest enforcement test since the U.S. West energy
crisis two decades ago. In addition to probes into grid reliability and market abuse after the Texas
deep freeze, FERC is also examining risks that climate change and extreme weather pose to electric
reliability.

NewBase November 19-2021 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil drops below $80 on European COVID concerns
Reuters + NewBase
il prices dropped below $79 a barrel on Friday as a fresh surge in COVID-19 cases in Europe
threatened to slow the economic recovery while investors also weighed a potential release of crude
reserves by major economies to cool energy prices.
Brent crude was down $2.44, or 3%, at $78.80 a barrel by 1110 GMT, its lowest since early October,
after earlier rising to as high as $82.24, extending volatility seen on Thursday. U.S. West Texas
Intermediate (WTI) crude for December delivery was down $2.30, or 2.9%, at $76.72 a barrel.
Oil price special
coverage

The WTI December contract expires on Friday and most trading activity has shifted to the January
future, which was down 2.3% at $76.11 a barrel. Both Brent and WTI are set for a fourth week of
declines.
Austria became the first country in western Europe to reimpose a full coronavirus lockdown this
autumn to tackle a new wave of COVID-19 infections across the region that threatens to slow the
recent months' economic recovery. read more
Brent has surged almost 60% this year as economies bounce back from the pandemic and the
Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, have only
raised output gradually.
"The (oil) market still remains fundamentally in a good position but lockdowns are now an obvious
risk... if other countries follow Austria's lead," Craig Erlam, market analyst at OANDA, said in a note.
Governments from some of the world's biggest economies were looking into releasing oil from their
strategic petroleum reserves (SPR) following a request from the United States, first reported by
Reuters, for a coordinated move to cool prices. read more
Speculation about a U.S. stock release has already pushed oil prices down by about $4 a barrel in
recent weeks and additional supplies of up to 100 million barrels are already priced in, Goldman
Sachs oil analysts said in a note.
As a result, it said any release "would only provide a short-term fix to a structural deficit".
OPEC+ has stuck to its policy of gradual oil output increases even as prices surged, saying it
expects supply to outpace demand in the first months of 2022.
Austria imposes full lockdown, Germany may follow, as COVID grips Europe
Austria will become the first country in western Europe to reimpose a full COVID-19 lockdown, it
said on Friday as neighbouring Germany warned it may follow suit, sending shivers through financial
markets worried about the economic fallout.
A fourth wave of infections has plunged
Germany, Europe's largest economy, into a
national emergency, Health Minister Jens
Spahn said. He urged people to reduce their
social contacts, warning that vaccinations alone
would not reduce case numbers.
Austria said it would require the whole
population to be vaccinated as of February.
Roughly two-thirds of Austria's population is
fully vaccinated against COVID-19, one of the
lowest rates in western Europe. Its infections
are among the highest on the continent, with a
seven-day incidence of 991 per 100,000
people.
"We have not succeeded in convincing enough
people to get vaccinated," Chancellor
Alexander Schallenberg told a news
conference, saying the lockdown would start on

Monday and the requirement to be vaccinated on Feb. 1.
"It hurts that such measures still have to be taken."
Asked if Germany could rule out an Austrian-style full lockdown, Spahn said: "We are now in a
situation - even if this produces a news alert - where we can't rule anything out.
"We are in a national emergency," he told a news conference.
European stocks retreated from record highs, while government bond yields, oil prices and the euro
tumbled as the spectre of a fresh COVID-linked lockdown in Germany and other parts of Europe
cast a fresh shadow over the global economy. read more
As cases rises again across Europe, a number of governments have started to reimpose limits on
activity, ranging from Austria's full lockdown, to a partial lockdown in the Netherlands, to restrictions
on the unvaccinated in parts of Germany, the Czech Republic and Slovakia.
Hungary reported 11,289 new COVID-19 cases on Friday, its highest daily tally, and will make
booster shots mandatory for all healthcare workers and require mask wearing in most indoor places
from Saturday. read more
While the new measures across Europe are not seen hitting the economy as much as the all-out
lockdowns of last year, analysts say they could weigh on the recovery in the last quarter of the year,
especially if they hit the retail and hospitality sectors.
A full lockdown in Germany would be more serious, however.
"A total lockdown for Germany would be extremely bad news for the economic recovery," said
Ludovic Colin, a senior portfolio manager at Swiss asset manager Vontobel.
"It's exactly what we saw in July, August of this year in parts of the world where the delta (variant)
was big, it (COVID-19) came back and it slows down the recovery again," he added.
CHRISTMAS IN QUESTION
The pressure on intensive care units in Germany had not yet reached its peak, Spahn said, urging
people to reduce contacts to help break the wave. "How Christmas will turn out, I dare not say. I
can only say it's up to us," he added.
Chancellor Angela Merkel said on Thursday Germany will limit large parts of public life in areas
where hospitals are becoming dangerously full of COVID-19 patients to those who have either been
vaccinated or have recovered from the illness.
Merkel said on Thursday the federal government would consider a request from regions for
legislation allowing them to require that care and hospital workers be vaccinated.
Saxony, the region hardest hit by Germany's fourth wave, is considering shutting theatres, concert
halls and soccer stadiums, Bild newspaper reported. The eastern state has Germany's lowest
vaccination rate.
New daily infections have risen 14-fold in the past month in Saxony, a stronghold of the far-right
Alternative for Germany (AfD) party, which harbours many vaccine sceptics and anti-lockdown
protesters.
Much of the Austrian public is also sceptical about vaccines, a view encouraged by the far-right
Freedom Party, the third-biggest in parliament. It is planning a protest against coronavirus
restrictions on Saturday.

NewBase Special Coverage
The Energy world –Nov - 19- -2021
U.S. discussing joint reserves release with China, others in aim at OPEC
Reuters - Timothy Gardner and Muyu Xu
Governments from some of the world's biggest economies said on Thursday they were
looking into releasing oil from their strategic reserves, following a rare request from the
United States for a coordinated move to cool global energy prices and ahead of a
meeting of major oil producing countries.
The Biden administration has asked a wide range of countries, including China for the
first time, to consider releasing stocks of crude, the White House said on Thursday.
Other major consumers India, Japan and South Korea were also involved in discussions,
several people familiar with the requests told Reuters on Wednesday.As the world
economy rebounds from the pandemic, Washington is frustrated that producers in
OPEC+, the Organization of the Petroleum Exporting Countries and allies such as
Russia, have rebuffed U.S. requests to speed up additional oil supplies.
With gasoline prices and other costs rising, Democratic U.S. President Joe Biden also
faces political pressure ahead of midterm congressional elections next year. A Reuters
poll in October showed 67% of U.S. adults agreed that inflation is a very big concern.
Members of Biden's national security team had discussed the need to meet fuel demand,
White House spokesperson Jen Psaki said on Thursday. "That is an ongoing
conversation and one we are having with a number of partners," Psaki added. read more
OPEC+ plans to meet on Dec. 2. The group has taken a slower approach to boosting
output, viewing the economic recovery as too fragile to justify more supply.
Oil prices sank about 4% to a six-week low after Reuters reports about the U.S. request
and China's decision to release some crude, before recovering some ground on
Thursday. Oil prices have retreated from recent highs in anticipation that world supply
will rise.

The announcement also cooled Asia's crude market, with physical spot price premiums
weakening for crudes sold to Asian buyers out of the Middle East and Russia. read more
China's state reserve bureau told Reuters it was working on a release of crude oil
reserves, but declined to comment on the U.S. request. China held its first ever public
auction of oil reserves in September.
Consultancy Energy Aspects said in a note to clients that Beijing is expected to release
another 10 million to 15 million barrels of crude from its reserves in eastern Zhoushan in
its next auction round.
"Any oil released from the Chinese SPR needs to be refilled within 90 days," Energy
Aspects said. "The market should focus on where these countries will find crude to refill
these tanks given just how low stocks are."
The United States has the largest strategic reserve at more than 600 million barrels.
The U.S. SPR was set up in the 1970s after the Arab Oil Embargo to ensure the nation
had adequate supply to weather an emergency.
In the last several years, the shale boom has pushed U.S. output to rival that of Saudi
Arabia and Russia. That has enabled the United States to become less dependent on
energy imports from other nations, particularly members of OPEC.
A CHALLENGE TO OPEC

The considerations highlight frustrations of importers such as the United States and India
with a cartel that has influenced oil prices for over five decades.
It would also mark the first time that China, the world's No. 2 oil consumer and largest
importer, would be involved in a coordinated release with the United States.
There was no immediate official reaction from OPEC+ members. The group has been
raising output by 400,000 barrels per day (bpd) per month, gradually unwinding record
production cuts made in 2020 when the pandemic sank fuel demand.
This week, Secretary General Mohammad Barkindo said OPEC expects an oil supply
surplus to begin building next month. In September, exports from Saudi Arabia rose to
6.52 million bpd, the highest since January. read more
One OPEC source who asked not to be identified said it would be surprising to see
consuming countries release stocks to lower prices rather than to meet a supply
shortage.
However, other countries have been pressing OPEC for some time, including China and
India. read more
"This is not a case of supplies not being available," Hardeep Singh Puri, India's oil
minister, told a conference in Dubai on Wednesday. "There are 5 million barrels a day of
supplies available which have not been released for whatever reason."
While OPEC+ has been raising oil output by 400,000 bpd per month since July, the
producer group still has about 3.8 million bpd in supply cuts that it has not yet returned
to the market. OPEC+ in April 2020 cut output by more than 10 million barrels a day in
response to the swift spread of the coronavirus pandemic.

U.S. & Brent crude oil futures slip after U.S. govt requests that some big oil buyers sell
reserves
CHINA IN, IEA OUT
The United States and its allies have coordinated strategic petroleum reserve releases
before, such as in 2011 when supplies were hit by a war in OPEC member Libya.
Coordination has been handled through the Paris-based energy watchdog the
International Energy Agency, whose membership includes the United States, Japan and
numerous European nations.
The United States, however, did not ask the European Union for its participation,
according to a source familiar with discussions, saying Europe's primary problem has
been related to higher natural gas prices.
The IEA, on its website, said such releases are not meant for price intervention. Both
Japan and South Korea were contacted by the United States, and both said they do not
release reserves simply to deal with rising prices.E unlimited access to reuters.co
U.S. crude oil in Strategic Petroleum Reserves
Reporting by Tim Gardner in Washington, Yang Heekyong in Seoul, Aaron Sheldrick and Yuka
Obayashi in Tokyo, Chen Aizhu in Singapore, Nidhi Verma in Delhi, Florence Tan in Singapore and
Muyu Xu in Beijing, Ahmad Ghaddar in London, Stephanie Kelly and Jessica Resnick Ault in New
York, Swati Verma and Kavya Guduru in Bengaluru, Alex Lawler in Abu Dhabi and Olesya
Astakhova in Moscow Editing by David Gregorio, Matthew Lewis and Jonathan Oatis

NewBase Energy News 19 November 2021 - Issue No. 1470 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
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About: Khaled Malallah Al Awadi,
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MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
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Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as Technical Affairs Specialist for Emirates General
Petroleum Corp. “Emarat “with external voluntary Energy consultation for the GCC
area via Hawk Energy Service, as the UAE operations base. Khaled is the Founder
of NewBase Energy news articles issues, an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities &
gas compressor stations. Executed projects in the designing & constructing of gas
pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted &
finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements.
Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass
energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous
conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-
in-Chief of NewBase Energy News and is a professional environmental writer with more than 1400 popular
articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste
management and environmental sustainability in different parts of the world. Khaled has become a reference
for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC
leading satellite Channels. Khaled can be reached at any time, see contact details above.

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New base 19 november 2021 energy news issue 1470 by khaled al awadi