As alarm bells ring over falling global spare capacity, pushing Brent crude above $90/B, Iran is seeking to take advantage. Petroleum Minister Javad Owji said on 2 February after the Opec+ ministerial meeting that the simplest way to boost both global supply and spare capacity would be for the US to lift sanctions on Iran.

Iran produced 2.55mn b/d in January (MEES, 4 February), around 1.3mn b/d below pre-sanctions production of 3.85mn b/d. Iranian officials have long been adamant that they can swiftly return to those levels once sanctions are lifted. (CONTINUED - 979 WORDS)