By Trend

Oil prices, aside from OPEC’s May meeting, will also be affected by the results of the presidential election in Iran, Mikhail Neyzhmakov, an analyst in the Russian Agency for Political and Economic Communications, told Trend Apr. 21.

“For example, if influential cleric Ebrahim Raisi wins the election, oil prices can jump,” the analyst said.

As for OPEC’s next meeting, the expert said special conditions will likely remain for Iran, Libya and Nigeria.

He added that Tehran may even increase its oil production or at least bargain with other OPEC members for additional concessions.

“Iran’s aspirations for additional concessions may have a political justification,” Neyzhmakov said. “Amid the tense relations with the US, Iran will try to get maximum oil revenues until new threats, including possibility of new sanctions appear,” the analyst said.

During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to cut oil production to 32.5 million barrels per day. Later, non-OPEC countries agreed to reduce the output by another 558,000 barrels per day during the meeting held Dec. 10, 2016.

OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.

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