OPEC Welcomes Iran's Potential Return to Oil Market, Emphasizing Cooperation, Balance
Date
5/31/2023 4:15:22 AM
(MENAFN) In an interview with the Iranian Oil Ministry's news agency, Shana, Haitham Al Ghais, the Secretary General of the Organization of the petroleum Exporting Countries (OPEC), expressed the organization's welcoming stance towards the full return of Iran's oil production to the global market once the sanctions against its oil sector are lifted. Al Ghais acknowledged Iran's historical role as a founding member of OPEC and a significant player in the global oil market.
Highlighting the impact of the current sanctions on Iran's oil production, Al Ghais recognized that the country's production has been constrained due to these limitations. However, he emphasized Iran's demonstrated capacity to swiftly increase production levels once the sanctions are lifted. He cited the period of 2015-2016 as an example when Iran successfully raised its production by nearly 1 million barrels per day of crude oil and condensate.
Al Ghais expressed anticipation and appreciation for the eventual return of Iran's oil production, highlighting the growing market demand. He stressed that Iran, as a responsible member of the OPEC family, will play a pivotal role in working together with other OPEC member countries to maintain a balanced oil market. Throughout the years, OPEC has demonstrated its commitment to ensuring stability in the global oil market, and Al Ghais expressed confidence in continued collaboration and synchronization among OPEC countries.
The potential return of Iran's oil production holds significance not only for Iran but also for the wider oil market. As a major oil producer, Iran's increased production would contribute to meeting the growing global demand for oil. OPEC's support for Iran's future participation underscores the organization's recognition of the country's capabilities and the value it brings to the collective efforts of OPEC members.
While the lifting of sanctions and Iran's full return to the oil market would bring opportunities and challenges, Al Ghais conveyed OPEC's belief in Iran's ability to navigate these complexities responsibly. OPEC's inclusive approach and commitment to maintaining market equilibrium suggest a willingness to adapt and coordinate efforts among its member countries, ensuring stability in the face of evolving market dynamics.
As the situation evolves and international relations progress, OPEC continues to closely monitor the developments related to Iran's oil production. The organization remains committed to its longstanding objective of fostering cooperation, balance, and stability in the global oil market, and looks forward to a future where Iran's participation can contribute to achieving these goals.
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