OPEC+ could compensate for all Iran oil disruption: Report

03/10/2024 Argaam
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Logo of OPEC

OPEC+ has enough oil surplus capacity to compensate for a full disruption in Iranian supply if Tehran's oil facilities are hit by Israel, Reuters reported.

 

Iran fired hundreds of missiles at Israel on Tuesday against the backdrop of military tensions in the Middle East, with both sides pledging to retaliate.

 

"In theory, if we lost all Iranian production - which is not our base case - OPEC+ has enough spare capacity to make up for the shock," said Amrita Sen, Co-Founder of Energy Aspects.

 

In 2024, Iran's average oil output reached 1.7 million barrels per day (bpd), the highest since year-start despite US sanctions, thanks to increased demand from China, which does not recognize unilateral sanctions by Washington.

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