https://www.enerjigunlugu.net/22 Feb 2022 06:51
OPEC+ to match Iran oil increase to quota
OPEC+ will work to resolve a possible increase in Iranian oil within existing production quotas to avoid a market share competition.
Evaluating that an agreement is imminent between Iran and the West to revive the 2015 nuclear deal and lift sanctions on Iran, OPEC+ has started to discuss how Iran will adjust the increase in oil supply, according to sources familiar with the matter. Sources say OPEC+ is considering incorporating the increase in Iran's oil supply into its current oil supply control agreement and avoiding a market share competition.
IRAN IS EXPECTED TO ACCEPT THE quota
OPEC+ sources said, "It is very likely that an increase in Iranian oil will be resolved through quota distributions within OPEC, there is no other option. OPEC+ will set a quota for Iran's oil production, but will implement it gradually, and Iran will also support OPEC. will accept this quota by making some concessions to show the
It is estimated that an oil supply of 1.3 million barrels/day will come to global markets if the sanctions against Iran are lifted.
REQUEST FROM ARAB MEMBERS FOR STRONG COMPLIANCE WITH THE AGREEMENT
On the other hand, Arab members of OPEC+, who met in Saudi Arabia, demanded that the current supply agreement to increase production by 400 thousand barrels/day per month be strictly adhered to.
Arab countries rejected calls for more oil pumping to reduce the pressure on oil prices.
Oil reached $97
Russian President Putin recognized the independence of the Donetsk and Luhansk administrations in Ukraine. After the announcement, oil prices approached 97 dollars/barrel.
After Russian President Vladimir Putin recognized the independence of "Donetsk People's Republic and Luhansk People's Republics in eastern Ukraine, the price of Brent crude oil per barrel increased by 2 percent to $95.39. Currently, it has increased by 1.5 percent to $96,84/ US West Texas Intermediate (WTI) is trading at around $93/barrel.
Oil prices soared to their highest level in 7 years after Putin ordered the deployment of troops to the separatist regions of eastern Ukraine.