Who's your swing producer now?
Under pressure from Trump, Saudi Arabia has demolished the Opec deal and will now pour oil into a market that is suddenly running short
Late in the evening of 21 June, Bijan Namdar Zangeneh, Iran's oil minister, walked out of Opec's headquarters on Helferstorferstraße and rushed to the nearby Kempinski hotel. He unloaded on the waiting press pack, briefing Iranian journalists off the record. Iran would accept no deal to increase oil output at the next day's Opec meeting, he said. Doing so was tantamount to "suicide", he told the Iranian reporters. The Opec meeting seemed destined for an ugly confrontation, the climax of a week of high-stakes petro-diplomacy. While Zangeneh huffed, a crucial meeting carried on without him back in Opec's headquarters. The Joint Ministerial Monitoring Committee (JMMC), led by Saudi Arabia and R
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised