With Joe Biden set to be inaugurated as the president of the United States on 20 January, the possibility that his administration could loosen sanctions on Iran has increasing come into focus. OPEC and its allies (OPEC+) have been cutting output to help balance markets as demand crashed due to the coronavirus pandemic.
Iran is not subject to the OPEC+ production cuts, and analysts have speculated about the potential impact of bringing its oil exports up while markets are still recovering.Â
“We have established a record of continuously adapting … being flexible and addressing issues as they emerge,” Mohammed Barkindo said at the Gulf Intelligence Global UAE Energy Forum.
OPEC is planning monthly meetings to assess market needs on a regular basis and adjust its production levels accordingly. Barkindo noted that while he could “not pre-empt what will happen,” he and the organisation would “very closely” follow developments in Iran, and that there was no need for heightened concern.
