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Iranian Letter Reaffirms OPEC Divisions

From bnnbloomberg.ca

Iran has written to fellow OPEC members to complain that some countries are conducting oil production policy unilaterally, laying bare fissures in the group as officials prepare to meet in Algiers this weekend. While Iran avoids naming names, the letter is clearly aimed at Saudi Arabia, the largest producer in the OPEC+ group, that joined forces in 2016 to end a global oil glut. Iran says some countries are acting alone, breaking policy making rules. Riyadh has raised production in recent months to compensate for barrels lost by renewed U.S. sanctions on Iran. “We have noticed to our dismay, OPEC’s spirit of ... (full story)

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