OPEC+ production cuts may have caused irreparable rival supply, Iran official says
November 26, 2024
(World Oil) – (Bloomberg) – OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the U.S.,” Iranian OPEC governor Afshin Javan
