There are a trillion reasons why OPEC+ wants to drive up prices. Mainly because it had been reported that OPEC+ lost over $1 trillion due to the pandemic. Most OPEC+ producers view it as their right to drive up prices to get that money back.
And with the U.S. shale sector being held back, they will probably make that back and then some.
Iran sanction relief looks further out in the future, if at all. Reuters reported that, “Oil prices rose on Tuesday, settling at the highest in more than two years after the top U.S. diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S. sanctions on Tehran would remain in place. That could mean additional Iranian oil supply would not be re-introduced into the market soon.”
“I would anticipate that even in the event of a return to compliance with the JCPOA (2015 Joint Comprehensive Plan of Action), hundreds of sanctions...read more...