Iran Vows More Oil Exports in Sign OPEC to Keep Exceeding Target

Iran’s pledge to sell more crude signals that OPEC members will continue pumping above the group’s production target, exacerbating the global surplus.

Iran can double oil exports within six months if international sanctions are lifted, state-run Islamic Republic News Agency reported, citing Mehdi Asali, the country’s representative to the Organization of Petroleum Exporting Countries. There’s a risk of more supply coming into the market, Adam Longson, an analyst at Morgan Stanley, said in a June 5 video report.