OPEC To Discuss Compensating For Iranian Supply Drop

OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq’s state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Aug. 29.

Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals.

“A sudden drop in Iranian crude shipments from the market will cause big shortages and a negative impact on oil prices,” he said, referring to a possible increase in prices.