OPEC

 

Iranian Output Buckles Under Sanctions Strain, But Iraq Takes Up Slack

 

Iranian output in July slipped below the 3mn b/d mark, as the Islamic Republic conceded its position as OPEC’s second biggest producer to Iraq. But the recovery in OPEC Basket prices to over $105/B will soften the revenue impact of sanctions on Tehran’s finances. Despite OPEC producing at over 31mn b/d for nine months, and consecutive monthly gains in OECD oil...