There is no need for OPEC+ to expand its oil production increases, Nigeria’s petroleum minister said on Tuesday, 22 February, as the group sees a potential deal between Iran and world powers unlocking more supplies.
“We don’t have do anything extraordinary this time because we are expecting a lot of production,” Timipre Sylva said on the sidelines of a gas exporters conference in Qatar’s capital Doha.
“We are expecting more production if a nuclear deal with Iran works out (since) there will be production from them,” Sylva added.
Months of indirect talks between Iran and the United States to revive a 2015 nuclear deal abandoned in 2018 by then-US President Donald Trump are in their final stage, sources told Reuters.
A deal could pave the way for OPEC member Iran to raise its oil exports further, helping to ease what many analysts see as an acute tightness in the oil market.
Brent crude traded just below $100 a barrel on Tuesday, its highest since September 2014, as the possibility of a Russian invasion of Ukraine heightened the risk of supply disruptions.
Reuters
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