Crude oil markets torn between rising Iranian oil exports and OPEC+ production cuts
Data from various sources, including Kpler, SVB Energy International, FGE, and the International Energy Agency, indicates that Iran’s exports have surged to the highest level in nearly five years. This is a cause of concern to major OPEC stakeholders. Julianne Geiger wrote for Oilprice.com that the increase in Iranian output poses a challenge to OPEC’s control over the oil market dynamics.OPEC surely has some level of anxiety over the possibility that Iran’s oil will return to the market and disrupt the group’s influence over the oil markets,” Geiger underlined.
Oil exports from another sanctioned country, Venezuela, also rose eight percent in June from the previous month to above 715,000 bpd. As per the data available, Venezuela’s oil exports have averaged 670,000 bpd in the first half of the year, almost 15 percent above the 585,000 bpd during the same period in 2022.