Home > Misc > OPEC+ May Consider Return of Iran to the Oil Market

Wednesday 26 May 2021

OPEC+ May Consider Return of Iran to the Oil Market

Keywords: , ,

  0 forum post

TORZHOK, Tver Region (TASS) – The countries participating in the OPEC+ oil production cuts agreement consider the possibility of Iranian oil returning to the global market, Russian Deputy Prime Minister Alexander Novak told reporters on Wednesday.

“Potentially we bear in mind such a possibility. Iran has the recovery potential. We have always stated that anti-Iran sanctions are discriminatory”, he said. “We have to consider Iran’s potential”, Novak said, adding that Iran “belongs to OPEC and OPEC+ and the balance will be calculated accordingly.”

“It is necessary to explore and estimate the influence of that factor on the market”, Russian Deputy PM said. The OPEC+ technical committee that analyzes the situation each month and provides recommendations for the ministerial meeting of the agreement’s member-states, will be involved in that work. “That is why we cannot say in advance”, Novak noted.

He added that Russia estimates the current deficit on the oil market at 1 mln barrels per day. “The current deficit on the market is around 1 mln barrels per day and we have to understand how we can satisfy the growth of demand in the future as well”, he said.

Any message or comments?


This forum is moderated before publication: your contribution will only appear after being validated by an administrator.

Who are you?
Your post

To create paragraphs, just leave blank lines.