Iran’s Speedy Oil Revival Unlikely to Mean Change in OPEC Stance
- Iran oil production rises to highest since 2011, IEA says
- Oil price gains mean no need for output freeze: Energy Aspects
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Iran’s success in boosting crude output to the most since late 2011 is no incentive for it to join OPEC partners in curbing production to shore up prices. With crude rallying, analysts see no immediate need for action.
Oil Prices are near the highest since November as supply interruptions in Nigeria, Libya and Venezuela balance an increase of 600,000 barrels a day in Iran’s April crude exports, according to data from the International Energy Agency. That reduces the “urgency” for Organization of Petroleum Exporting Countries members to agree to cap output when they meet next on June 2, said Richard Mallinson, an analyst with Energy Aspects Ltd. in London.