RE: Another up day :)))))23 Aug 2022 20:28
Tuesday, August 23, 2022
When many started doubting the necessity and viability of OPEC+, the oft-mooted Iranian nuclear deal seems to have given the oil group a new meaning and a new direction. Almost in unison, participant countries and respective top officials have started talking of concerted production cuts should the EU-brokered Iran deal take place anytime soon. Oil prices took notice immediately, recording hefty increases both Monday and Tuesday, with ICE Brent currently trending around the $100 per barrel mark. In effect, nothing has happened yet, but we are already near triple-digit territory.
OPEC+ Starts Talking About Production Cuts. Saudi Energy Minister Prince Abdulaziz bin Salman stated that amidst a possible revival of the Iranian nuclear deal and a growing disconnect between paper and physical markets OPEC+ will consider cutting production at any time and in different forms.