OPEC will meet June 22 in Vienna to decide on the future of its production agreement with 10 non-OPEC countries, led by Russia.
Asked about his outlook for the OPEC meeting, Sadamori said: “Under the current market conditions, a certain action is objectively needed to be taken to stabilize the [oil] market.”

IRAN, VENEZUELA RISKS

The IEA now expects Venezuela’s oil output could fall to 800,000 b/d or even lower next year, from 1.36 million b/d in May and following a 1 million b/d fall over the past two years.  Sadamori said the agency also expected to see a “negative impact” on Iranian oil production from the US decision in May to reinstate sanctions.  “[The US sanctions] will basically be based on the same clauses in the National Defense Authorization Act for the 2012-15 sanctions,” Sadamori said, adding it remained unclear about how exactly the US sanctions will be implemented.

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