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Iran to attend OPEC+ committee meeting next month: Report

Whereas Iran — exempted from OPEC’s manufacturing cuts as a result of it’s output has been hit by U.S. sanctions — isn’t a member of the Joint Ministerial Monitoring Committee (JMMC), will probably be represented on the panel’s March three gathering, the delegate stated.

Bloomberg

PUBLISHED ON FEB 21, 2021 06:58 PM IST

Iran is about to attend the assembly of an OPEC+ advisory committee subsequent month, in accordance with a delegate who declined to be recognized.

Whereas Iran — exempted from OPEC’s manufacturing cuts as a result of it’s output has been hit by U.S. sanctions — isn’t a member of the Joint Ministerial Monitoring Committee (JMMC), will probably be represented on the panel’s March three gathering, the delegate stated. The Group of Petroleum Exporting Nations and its allies, which embrace Russia, meet the next day to contemplate output ranges for April.

It’s not unusual for non-JMMC members to take part in its periods, with OPEC nations resembling Libya and Venezuela having attended prior to now.

But Iran’s presence is much less typical, and comes because the Islamic Republic engages in a diplomatic back-and-forth that might ultimately elevate sanctions on Iranian crude exports. If important volumes from the nation hit world markets, that might complicate OPEC’s efforts to clear surplus oil inventories left behind through the pandemic.

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