OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts. after talks between Russia and Iran made some progress toward resolving a standoff over the date.
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The OPEC meeting comes at a time of heightened geopolitical tensions in the Middle East.
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Iran’s two-month deadline to remaining signatories of the JCPOA (nuclear deal) cannot be extended.
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The Europeans are not cooperating to buy oil.
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Both Iran and Russia were targeted by the sanctions in various sectors of their oil industry.
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OPEC and its allies have been reducing oil output by 1.2 million barrels per day since Jan. 1 to support the market.
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OPEC is currently scheduled to meet on June 25.
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Former Managing Director of the National Petrochemical Company (NPC) Abbas Shae'.ri Moqaddam downplayed the impacts of the US petrochemical sanctions against Iran. saying that finding the origin of such products is not easy.
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Iran has no plans to leave OPEC.
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The Kingdom is closely monitoring recent developments in the oil market.
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