Iranian Oil Minister Javad Owji stated today, according to the semi-official Tasnim news agency, that the oil market is on the right path following decisions made by the OPEC+ alliance. Owji was quoted saying during an Iranian-Russian economic cooperation conference in Tehran, "Iran and Russia have the same opinions within OPEC." The OPEC+ coalition agreed to cut production in late 2022 to support the market as economic forecasts worsened, negatively impacting prices. In a surprising move in early April, Saudi Arabia and other OPEC+ countries announced additional production cuts of approximately 1.2 million barrels per day.
Iran: Oil Market on the Right Track
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