OPEC+ leaves Iran behind as it starts hiking crude oil production

Further delay in obtaining sanctions relief finds Iran facing an increasingly competitive oil market, with OPEC, Russia and several other allies planning to increase crude production by 400,000 bpd every month through the end of 2022. If Iran reaches an agreement with the U.S. to relax sanctions restricting its oil sales, it may have to bargain hard with its previous buyers or attract new customers with price discounts. Under the OPEC+ agreement, Iran is exempted from production quotas, but the country has been hard hit due to sanctions imposed by former President Donald Trump.