By Alexander Miller, consultant in energy markets. Eurasia Business News, August 24, 2022

The OPEC+ alliance does not intend to reduce oil production in the near future. At the same time, there is a possibility that such a decision can be made if oil from Iran returns to the world market. This was reported by Reuters, citing nine sources in the market.

The agency notes that oil from Iran can return to the world market if Iran and the West conclude a new agreement on the Iranian nuclear program.

On the eve of OPEC+ reported that they are ready to reduce oil production if oil from Iran, which is now under sanctions, will again be traded on the world market, as a result of which the excess of oil will grow.

The largest oil producers included in the OPEC + deal were able to increase production in September only by 100 thousand barrels per day due to a lack of free capacity. Under the terms of the deal, Russia should increase production to 11 million barrels per day, but this level will be extremely difficult to achieve, given the problems with exports due to sanctions.

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