{"id":35671,"date":"2018-07-02T16:23:01","date_gmt":"2018-07-02T21:23:01","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35671"},"modified":"2018-07-02T16:23:01","modified_gmt":"2018-07-02T21:23:01","slug":"how-the-iran-sanctions-drama-intersects-with-opec-plus","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35671","title":{"rendered":"How the Iran sanctions drama intersects with OPEC-plus"},"content":{"rendered":"

How the Iran sanctions drama intersects with OPEC-plus<\/a><\/h3>\n

Major states buying oil from Iran are unlikely to heed the US call to drop imports; key allies want a waiver to avoid sanctions; OPEC, meanwhile, will have trouble boosting output in the short-term; the puzzle is not solved, but there are dark clouds<\/strong><\/p>\n

\"A<\/p>\n
A file photo taken in March 2017 shows an oil facility on Khark Island, on the Gulf. The US warned this week that countries must stop buying Iranian oil before November 4 or face economic sanctions. A State Dept official said tightening the noose on Tehran was a top national security priority. Photo: AFP\/ Atta Kenare<\/div>\n<\/div>\n
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History may have registered stranger geoeconomic bedfellows. But in the current OPEC-plus <\/a>world, the rules of the game are now de facto controlled by OPEC powerhouse Saudi Arabia in concert with non-OPEC Russia.<\/p>\n

Russia may even join OPEC as an associate member. There\u2019s a key clause in the bilateral Riyadh-Moscow agreement stipulating that joint interventions to raise or lower oil production now are the new norm.<\/p>\n

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Some major OPEC members are not exactly pleased. At the recent meeting in Vienna, three member states \u2013 Iran, Iraq and Venezuela \u2013 tried, but did not manage to veto the drive for increased production. Venezuela\u2019s production is actually declining. Iran, facing a tacit US declaration of economic war, is hard-pressed to increase production. And Iraq\u2019s will need time to boost output.<\/form>\n<\/div>\n<\/div>\n

Goldman Sachs insists: \u201cThe oil market remains in deficit\u2026 requiring higher core OPEC and Russia production to avoid a stock-out by year-end.\u201d Goldman Sachs expects production by OPEC and Russia to rise by 1.3 million barrels a day by the end of 2019. Persian Gulf traders have told Asia Times that\u2019s unrealistic: \u201cGoldman Sachs does not have the figures to assert the capability of Russia and Saudi Arabia to produce so much oil.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

How the Iran sanctions drama intersects with OPEC-plus Major states buying oil from Iran are unlikely to heed the US call to drop imports; key allies want a waiver to avoid sanctions; OPEC, meanwhile, will have trouble boosting output in the short-term; the puzzle is not solved, but there are dark clouds A file photo […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[15907,1997,441,588,595,600,20750,4076,827],"class_list":["post-35671","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-asia-times","tag-economic-sanctions","tag-iran","tag-oil","tag-oil-production","tag-opec","tag-opec-plus","tag-pepe-escobar","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35671"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35671\/revisions"}],"predecessor-version":[{"id":35672,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35671\/revisions\/35672"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}