OPEC will welcome Iran’s full return to the oil market when sanctions are lifted, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) told the Iranian oil ministry’s website SHANA on Monday.
“We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m sure there will be good work together, in synchronization, to ensure that the market will remain balanced as OPEC has continued to do over the past many years,” Reuters reported, citing SHANA’s English-language website.
Iran is an OPEC member, although its oil exports are subject to US sanctions aimed at curbing Tehran’s nuclear programme.
Secretary General Haitham Al Ghais, who is visiting Tehran for the first time, added that Iran has the capacity to bring on significant production volumes within a short period of time.
Asked about OPEC’s voluntary production cut and its effect on oil prices, Ghais said, “In OPEC…we don’t target a certain price level. All our actions, all our decisions are made in order to have a good balance between global oil demand and global oil supply.”
In a surprise move in early April, Saudi Arabia and other members of OPEC+, which comprises OPEC and allies including Russia, announced further oil output cuts of around 1.2 million barrels per day, bringing the total volume of cuts by OPEC+ to 3.66 million barrels per day, according to Reuters calculations.
