OPEC's increasing production and
the Iranian opposition
An RFI broadcast including an analysis by
Dr Mitchell Belfer
Members of OPEC have agreed to a combined increase in crude output of 1 Million barrels per-day. After earlier objections by Iran, the cartel unanimously agreed to Saudi Arabia's proposal to raise production to meet demand and appease major consumers like the US, India and China, who had complained about the sustained increasing prices since output was cut since January of 2017.
In late 2016, the 24 nations in the supply-cut pact, known as OPEC Plus agreed to trim production to 1.8 million barrels, but they have actually been keeping some 2.8 million barrels per-day off the market.
Dr Mitchell Belfer, President of the Euro-Gulf Information Centre (EGIC) comments the strategy behind the increase of the production and the Iranian opposition to it. The analysis by Dr Belfer is available from 5'10'' to 6'55''.
---> Click here for the analysis.