OPEC+ discuss possible easing of Iran sanctions: Saudi minister
Members of the Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, have discussed in their latest meeting reports that the United States might ease sanctions imposed on Iran’s oil sale and what impact they might have on future of the global supplies.
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said on Thursday after a committee meeting of OPEC+ in Abu Dhabi that members of the bloc had a debate about reports that US President Donald Trump could sanctions on Iran.
The report about Trump’s consideration of a new decision on Iran swiftly affected oil markets on Wednesday as prices tumbled more than two percent.
They come amid an ongoing OPEC+ agreement to cut supplies which is meant to boost global prices. Iran, under US sanctions since November, is exempt from the cuts which amount to 800,000 barrels per day for 11 members of OPEC. Non-OPEC members have also agreed to cut supplies by more than 400,000 bpd.
Prince Abdulaziz, who took over as Saudi Arabia’s energy minister on Sunday, said the kingdom would remain committed to its promises to pump below 10 million bpd.
He hinted that deeper OPEC+ cuts could be agreed in the future policy meeting of the group in Vienna in December.
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