DUBAI, United Arab Emirates – OPEC will welcome Iran’s full return to the oil market when sanctions are lifted, the secretary common of the Organization of the Petroleum Exporting Countries (OPEC) instructed the Iranian oil ministry’s web site SHANA on Monday.
Iran is an OPEC member, though its oil exports are topic to US sanctions geared toward curbing Tehran’s nuclear program.
Secretary General Haitham Al Ghais, who’s visiting Tehran for the primary time, added that Iran has the capability to carry on vital manufacturing volumes inside a brief time frame.
“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,” SHANA’s English-language web site cited him as saying.
Asked about OPEC’s voluntary manufacturing lower and its impact on oil costs, Ghais mentioned, “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 shock transfer in early April, Saudi Arabia and different members of OPEC+, which includes OPEC and allies together with Russia, introduced additional oil output cuts of round 1.2 million barrels per day, bringing the whole quantity of cuts by OPEC+ to three.66 million barrels per day, based on Reuters calculations.
Saudi Arabia, the kingpin of OPEC, and Iran introduced in March that they might restore diplomatic relations after years of hostility, in a deal brokered by China, the world’s No. 2 oil client. — Reuters
Source: www.gmanetwork.com
