- Oil prices rallied following OPEC+’s decision to stick with the 400 MBbl/d increase in supply for January
- Why the rally? OPEC and its allies left the door open this time around to reverse its decision to boost output at any moment
- The decision to leave an out essentially put a floor under prices by giving itself the option to change the plan on a dime (Bloomberg)
- Iranian negotiations with world powers to mend the 2015 nuclear deal is “slow” but “good,” according to Iran’s Foreign Minister Hossein Amirabdollahian
- Iran is participating in talks “in good faith” and seeks full removal of U.S. sanctions, Amirabdollahian says
- U.S. Secretary of State Antony Blinken told reporters that “we will not accept the status quo of Iran building its program on the one hand and dragging its feet on the other. That’s not going to last.” (BBG)
- An unsanctioned Iran can increase oil production by about 1.0-1.8 MMBbl/d