OPEC+ and Iran - Feb 8

[dan_s]

On February 3 Reuters reported OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers. A Joint Ministerial Monitoring Committee of OPEC+, is "optimistic for (a) year of recovery in 2021," OPEC said in a statement after the panel met virtually. The OPEC+ panel made no mention of changing policy, which calls for most members to hold supply steady in February and top exporter Saudi Arabia to cut output voluntarily by 1 million barrels per day this month and next. "While economic prospects and oil demand would remain uncertain in the coming months, the gradual rollout of vaccines around the world is a positive factor for the rest of the year, boosting the global economy and oil demand," OPEC's statement said. A document seen by Reuters on Tuesday showed OPEC expects the output cuts will keep the market in deficit throughout 2021, even though the group cut its demand forecast.
The OPEC+ panel meets next on March 3, which is expected to be followed by a full OPEC+ gathering to decide policy. Rystad Energy said it expects global crude supply deficits throughout the summer and OPEC+'s next move may be to pump more. "Today's OPEC+ meeting could be paving the way for a gradual production ramp up from April onwards," said Rystad's head of oil markets, Bjornar Tonhaugen.

On February 3 Bloomberg reported that the U.S. Department of Justice issued a complaint in a U.S. district court to seize the cargo on the Liberia-flagged Achilleas on Tuesday, according to a statement. The U.S. alleges that Iran’s Islamic Revolutionary Guard Corps covertly shipped Iranian oil to a customer abroad.

On February 7 Reuters reported Iran's Supreme Leader Ayatollah Ali Khamenei said on Sunday that Tehran's "final and irreversible" decision was to return to compliance with the 2015 nuclear deal only if Washington lifts sanctions on the Islamic Republic, Iranian state TV reported. The deal between Iran and six major powers limited Iran's uranium enrichment activity to make it harder for Tehran to develop nuclear arms - an ambition Iran has long denied having - in return for the easing of U.S. and other sanctions. "Iran has fulfilled all its obligations under the deal, not the United States and the three European countries ... If they want Iran to return to its commitments, the United States must in practice ... lift all sanctions," state TV quoted Khamenei as saying in a meeting with Air Force commanders. < MY TAKE: This is just the beginning of Iran's moves to "test" President Biden. If Biden shows weakness, Iran will just push harder. If Israel believes Iran is close to developing a nuclear weapon, there is a high probability that they will strike Iran with or without U.S. help because one well placed nuke could wipe out Israel. .

This morning: Newsweek article
U.S. Remains Iran's 'Enemy' Amid Nuclear Stand Off, Missile Commander Says
Iran's armed forces are maintaining a belligerent tone towards the U.S. despite the change in administration and Tehran's efforts to revive the Joint Comprehensive Plan of Action (JCPOA) nuclear deal.
Watch video at this link: https://www.msn.com/en-us/news/world/us ... uxbndlbing