Harder days are ahead for OPEC and Iran
OPEC+ officially reduced its estimate of global oil demand growth
This figure has been estimated to be slightly over 2 million barrels per day for the current calendar year
Oil exporters who are members of OPEC and their allies have not yet begun the agreed-upon reduction trend from October, and contrary to their desired trend, the production and exports of member countries are increasing. The US Department of Energy and the International Energy Agency both have different outlooks on oil demand growth, and it is natural that these estimates have been presented based on the growth of non-OPEC countries’ production and the capabilities of powerful producers in the Western Hemisphere
Canada’s oil production has reached a high growth in export capacity, and along with oil production from American companies in Guyana and the growing trend of oil exports in Brazil will make the market more competitive. One day after the release of the latest OPEC+ report, a special report was published on the high capabilities of American oil companies
These companies have achieved new milestones in optimal use of available resources and maximizing extraction from drilled oil wells
OPEC’s willingness to reduce fresh production estimates indicates an increase of up to half a million barrels per day in the United States, which is two hundred thousand barrels above the target set by the government of this country. Thus, achieving a target oil price above eighty dollars per barrel and maintaining a price floor around eighty to ninety dollars without international crises and creating market unrest is very challenging.
The accumulation of oil in the market and the increasing power of non-OPEC producers are serious warnings for Iran, which is in danger of losing the people’s capital through cheap sales and entrusting the country’s oil to middlemen.
Persian
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