0458 GMT March 09, 2021
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As members of the OPEC and its allies meet this week to discuss adjusting output, analysts expect old tensions between oil producer giants to flare up again.
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Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.
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The oil market could absorb more crude oil from Iran if US sanctions are eased, according to Iran’s governor to OPEC.
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A deputy oil minister said Iran needs to reduce domestic gasoline consumption by switching to vehicles fueled by compressed natural gas (CNG) in order to maintain its place as the largest exporter of gasoline in the Organization of the Petroleum Exporting Countries (OPEC).
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Oil prices rose around 1% on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic.
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Iranian Oil Minister Bijan Namdar Zanganeh said a decision by an international grouping of oil producers known as OPEC+ to slightly narrow supply cuts agreed for January would not have a significant impact on global prices.
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Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed US crude stockpiles were down last week.
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The 12th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies began a few minutes ago via videoconference.
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Iranian Oil Minister Bijan Namdar Zanganeh supported calls within the Organization of Petroleum Exporting Countries (OPEC) for continued cuts to global supply of crude, saying the oil cartel is right to be cautious about the future of a market which has been deeply affected by the spread of the coronavirus pandemic.
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OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.
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Iran’s capacity for refining crude oil and other products has increased by nearly a fourth in the four years to 2020, to become the second-largest in the Organization of Petroleum Exporting Countries (OPEC).
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OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said, in a major shift in its forecast that put a timeline to peak oil demand.
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Part 2 By Mamdouh G. Salameh*
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By Mamdouh G. Salameh*
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