Iran proposing a solution to the OPEC+ agreement
In May, OPEC members' compliance was at 146% with only Iraq and Equatorial Guinea failing to cut supplies as promised. Meanwhile, non-OPEC members' compliance was only at 54% with only 3/10 producers in the OPEC+ agreement abiding with the pledges.
Also, local media is reporting that Iran may accept oil production increase by OPEC+ but with conditions - according to Seda Weekly. So, perhaps not all is gloom and doom just yet.
