Yusuf al-Shammari, CEO of CMarkits, explained that Prince Mohammed bin Salman’s speech revealed OPEC plus “technical ” decisions that are based on supply and demand, factors and inventories that affect economic markets, and all the technical factors that energy ministers consider from the side of determining production policy, and pointed out that after the extension of voluntary cuts in oil production by Russia and Saudi Arabia by the end of the year, the current year witnessed an improvement in the interaction of the current US administration with OPEC plus decisions.
He added that there is an increase in Iranian oil production exceeding 3 million barrels per day, as it reached a value of 3.6 million barrels per day before the US sanctions in 2015, and production increased from the levels of 500 thousand barrels per day to 1.2 million barrels per day, which is equivalent to its production before the Arab Spring crisis, and Venezuela’s oil output reached a value of 700 thousand barrels per day, which is close to its production levels before the US sanctions.
There are 3 countries excluded from the current agreements in OPEC, namely Libya, Iran and Venezuela, and there are no opportunities to enter them to achieve stability in these countries, and it will be introduced next year under the group’s control to the production quotas of countries within the organization, and Iranian production fell to less than two million barrels per day in 2020, due to US sanctions and the corona pandemic, and with the election of Biden and the resumption of nuclear negotiations, the average production in 2021 increased to 2.4 million barrels per day.
