Economy & Politico

OPEC will welcome Iran’s full return to oil market

Haitham al-Ghais made the remarks talking in an interview with the Iranian SHANA news agency and Iran Petroleum monthly during his official visit to Tehran.

Referring to his visit to Iran, he stressed, “It’s a great pleasure to be in Tehran. As you may know, this is my first official visit to the Islamic Republic of Iran as Secretary General of OPEC, and indeed this visit is very critical as the Islamic Republic of Iran is one of our founding member countries.”

Iran is an OPEC member, although its oil exports are subject to US sanctions.

Secretary General Haitham Al Ghais, who is visiting Tehran for the first time, added, “Iran is a founding member of OPEC and a key player in the global oil market. Iran is currently under sanctions and this is limiting its production. We know that Iran has the capacity to bring significant production volumes within a short period of time. “

“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,” he continued.

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.

Saudi Arabia and Iran announced in March that they would restore diplomatic relations after several years in a deal brokered by China, the world’s No. 2 oil consumer.



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