OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said.
“This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs in an article on state-run news agency Shana. “That would leave a limited room for maneuvering by OPEC+ to ease its restrictions.”