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Opec and regional economic institutions: New World Bank chief, Spot market boost

Geopolitical pressure on Opec+: The US decision to cut waivers on Iranian oil sales from 2 May undercut the Opec+ group’s efforts to maintain price and production discipline, by forcing Tehran to cut output further (from around 3.85m b/d to under 2.8m b/d year-on-year). Iranian exports are likely to fall further from around 1.4m b/d to below 1m b/d. Adding to pressure is the conflict in Libya – whose National Oil Corporation is struggling to maintain output at around 1m b/d – and the Venezuela crisis.

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