OPEC+ may bring Iran into oil supply deal
The International Energy Agency's (IEA) Chief Fatih Birol on Monday urged OPEC+ to close the gap between its words and its actions. PHOTO: REUTERS
OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers, sources close to the group said, seeking to avoid market share competition that could hit prices.
A successful outcome to the talks could lift US sanctions on Iran's exports, according to the International Energy Agency, potentially bringing 1.3 million barrels per day (bpd) of Iranian oil back into the market. That could ease tight global supply and take some heat out of a rally that has taken benchmark prices to just a few dollars short of $100 a barrel.
Due to the impact of sanctions on its exports,Iran is exempt from the existing deal between the Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, to limit oil supply. OPEC+ would eventually seek to bring Iran into the accord, sources said.
Published in The Express Tribune, February 19th, 2022.
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