Commodities
Iran Retracts Criticism of OPEC+ Oil Production Policy
- Group’s supply curbs have bolstered US shale supplies
- Article by Iran’s OPEC governor was later removed from website
This article is for subscribers only.
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a wave of rival supply from the US shale industry, Iran’s representative to the group said, in comments that were later withdrawn.
“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. “That would leave a limited room for maneuvering by OPEC+ to ease its restrictions.”