The OPEC production cuts are not immediate, OPEC sources told Reuters, adding that the cuts are expected to coincide with Iran’s return to global markets if Tehran reaches a deal with the West over its nuclear program.
OPEC has hinted it is ready to cut production if the deal on Iran’s nuclear program clears the way for the Islamic Republic to return to markets.
The agency is concerned that the revival of the 2015 nuclear deal will bring extra volumes to the market at a time when demand is falling due to a slowdown in the world’s biggest economies amid tightening monetary policy and extreme inflationary pressures.
Source: Capital
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