Tag Archives: Khalid A Al Falih

The major producers appear to have consumers’ interests in mind more than they have in the past.

OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million bpd.

Iran. OPEC’s third-largest producer. was against the agreement at first since the country is facing export-crippling US sanctions.

Real increase would be smaller than the nominal gain of 1 million bpd. meaning a compromise with Iran remained possible.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels.

Falih said any raising of output would be measured.

The market is now stuck in an OPEC-wary condition.

An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.

Tehran says it has Iraqi and Venezuelan support to veto any proposal for more output.

OPEC+ as the Saudi-Russia alliance is called are mulling an ".ease-off". of compliance.