Russia’s announcement that it supports Iran’s right to increase production probably raises the chance of some sort of deal on freezing output. However, a credible and enforceable deal is far from certain and it is unlikely to make much difference to the outlook for supply anyway. Instead, it will take more reductions in non-OPEC supply (excluding Russia) and increases in demand to rebalance the market.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.