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Russia’s Novak: OPEC+ takes into account potential return of Iran oil

OPEC and its allies (OPEC+) take into account the potential return of Iran oil, Russia’s Energy Minister Alexander Novak said on Wednesday.

Additional quotes

“We need to take into account possible oil output growth in Iran.”

“Current oil deficit on the global market seen at around 1 million barrels per day (bpd).”

Oil reaction

WTI is battling the $66 mark on the above comments, almost unchanged on the day.

Read: WTI time-spread jumps to strongest since May 2020 – Bloomberg

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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