Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented to Prime News agency on the OPEC+'s consideration of the risks of US sanctions pressure on Iran and Venezuela.
Gromov noted, citing data from the energy agencies IEA, OPEC and the US Department of Energy, that demand growth in 2025 will amount to 1.4-1.5 million barrels per day. And the supply of countries that are not the OPEC+ members will grow by at least 1 million barrels per day, primarily due to the United States, Brazil and Canada. At the same time, he expects the alliance to increase production by 1.1 million barrels per day, but taking into account the compensation schedule, this figure may be lower."OPEC+ is also considering the effect of US President Donald Trump's policy of maximum pressure on Iran and Venezuela, which has already begun. It is now estimated that Iran's production may decrease by 250-500 thousand barrels per day, and Venezuela's by 250 thousand. And if the alliance's expectations are correct, then its decision to increase production should not lead to an imbalance in the market," the expert commented.
As a result, excluding losses from Iran and Venezuela, supply growth in 2025 could total 1.8-2 million barrels per day, Gromov said.
Subscribe for updates
and be the first to know about new publications