Iran is calling on OPEC to have its two committees set up to monitor compliance with the OPEC+ deal and review the state of the oil market stop working immediately, Iranian Oil Minister Bijan Zangeneh wrote in a letter to OPEC Secretary General Mohammad Barkindo. The Joint Ministerial Monitoring Committee (JMMC) and the Joint Technical Committee (JTC) are regularly reviewing the state of the oil market and are tracking the production and compliance levels of the deal. To offset reduced supply from Venezuela and Iran, OPEC and its non-OPEC allies agreed in June to relax compliance rates with the cuts to 100 percent from the previous over-compliance. The respective leaders of the OPEC and non-OPEC nations part of the deal—Saudi Arabia and Russia—have been interpreting the eased compliance as adding a total of 1 million bpd to the market. Iran, however, has insisted that the easing of the compliance […]