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...
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