Baishan Weiye official website information-OPEC meeting postpones discussion on Iran issue

The Organization of the Petroleum Exporting Countries technical meeting held its next day meeting on Tuesday, March 1. The technical committee stated that the production reduction plan will be discussed at next week's oil ministers meeting, but Libya and Nigeria will not implement production cuts, while the attitudes of Iran and Iraq remain unclear , needs further discussion at next week’s meeting.
Three sources participating in the technical meeting said that the oil ministers’ meeting to be held on October 1 will discuss specific production reduction quotas, and is expected to reduce production by 10,000 barrels per day, which is the upper limit of production reduction expected by the market. However, sources also pointed out that countries such as Iran, Iraq and Indonesia have expressed their desire to maintain current production.
The key obstacle to the current production restriction agreement comes from the attitudes of Iraq and Iran. Both countries hope to obtain exemptions from production cuts. Iran hopes to continue to increase production to restore production to pre-economic sanctions levels. . The Iraqi Foreign Minister also said today that Iraq should be allowed to continue to increase production without imposing any restrictions.
The attitudes of Iran and Iraq have caused uncertainty in the oil ministers' meeting on May. Investors are worried that if an agreement cannot be reached in the end, the first production limit agreement in this year may be in vain. Market analysts pointed out that if countries such as Libya, Nigeria, Iraq and Iran are exempted from production cuts, the final implementation of the production limit agreement depends entirely on whether Saudi Arabia and its Gulf allies are willing to bear the burden of production cuts alone.
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