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OPEC expects Iran’s output hike not to hinder group’s plans
OPEC expects the anticipated increase of Iran’s oil production unlikely to have a negative impact on the global market and output hike plans of the OPEC+ alliance, Secretary General Mohammed Barkindo said May 31.
His remarks were voiced during a meeting of the delegate-level OPEC+ technical committee, which met to track compliance with production quotas and to review supply-demand forecasts “given the diverse range of uncertainties” during the coronavirus pandemic.
The JTC meeting was held ahead of a full OPEC+ ministerial meeting on June 1 when the alliance is expected to weigh in on its decision to gradually ease production cuts over May-July and at the same time as the fifth round of Vienna talks on Iran’s nuclear deal was underway.