The result? It cannot increase production and instead relies on ever-increasing output cuts.
Afshin Javan, the No. 2 official in the Iranian delegation to OPEC+, published a commentary on his country's state-run news agency Shana on November 26. The group, he argued, faced a "supply glut" largely of its own making following several years of production cuts. "This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US," he said. "That would leave a limited room for manoeuvring by OPEC+ to ease its restrictions."
Within hours, the op-ed was deleted without explanation. But the damage, in the run-up to the cartel's next meeting, was done. The commentary echoes the child in Hans Christian Andersen's fable The Emperor's New Clothes, who proclaims "but he hasn't got anything on!" Yup; the king is in the altogether.
This story is from the December 03, 2024 edition of Financial Express Mumbai.
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This story is from the December 03, 2024 edition of Financial Express Mumbai.
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