Qatar is producing crude oil at full capacity and sticking to its OPEC quota, Minister of Energy and Industry Mohammed Bin Saleh Al-Sada said Friday.
Qatar
is
producing crude oil at full capacity and sticking to its OPEC quota, Minister
of Energy and Industry Mohammed Bin Saleh Al-Sada said Friday.
Al-Sada is on a state visit to
South
Korea
. The two countries held a
meeting to discuss energy and industrial cooperation in
Seoul
Friday.
Qatar
has a
combined oil and condensate output of 1.45 million to 1.5 million barrels a
day, Al-Sada told reporters on the sidelines of the meeting.
The country's condensate output has been gradually increasing and is
"almost now equivalent to crude oil," he said, without mentioning
figures. "We regard condensate as a crude oil."
Qatar
plans
to produce more condensate in the coming years and expects output to eventually
exceed crude production, he added.
Earlier in the day, Minister of Knowledge Economy Hong Sukwoo asked Al-Sada to
increase output at the Al-Shaheen oil field and give South Korean refiners
priority in contracting the additional supply, the ministry said in a
statement.
South Korea
,
which relies
Iran
for
about 10% of its crude, has been buying more from Middle Eastern countries
including
Qatar
, as
importers of Iranian oil cut shipments globally ahead of
U.S.
and
EU sanctions.
South Korea
imported 26.754 million barrels of Qatari crude in the January-March quarter,
equivalent to 294,000 barrels a day, up 8.3% from the same period last year,
data from Korea National Oil Corp showed.
Local refiners currently import 75,000 barrels a day of Al-Shaheen's output
under long-term contracts, an official at the ministry's energy resources
policy division said.
Qatar
is
one of the top five suppliers of crude oil and the top supplier of natural gas
to
South Korea
.
Crude-oil output by the Organization of Petroleum Exporting Countries continued
to rise in April, a Dow Jones survey showed, as Iraq offset a decline in Iran's
production, which hit a 20-year low after western sanctions over its nuclear
program hit oil exports.
Crude production from its 12 members rose by 115,000 barrels a day to 31.820
million barrels a day, although the official OPEC production ceiling is 30
million barrels a day, a Dow Jones Newswires survey of industry sources and
analysts showed.
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