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OPEC Would Welcome Iran Back After Sanctions

OIL

OPEC will welcome Iran’s return to the group when sanctions are lifted according to OPEC secretary General Haitham Al Ghais who is visiting the country for the first time this week.

  • Iran is already a member of OPEC but it is under US sanctions at present, limiting its exports.
  • He said that Iran has significant capacity to bring on significant production volumes in a short time period.
  • Talking about OPEC’s voluntary cuts, 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."
  • OPEC+ committed to surprise voluntary cuts at the start of April which appear to be showing up in weaker exports for countries like Saudi in May.
  • The next OPEC+ meeting is this weekend June 3-4.
  • Major producers Saudi warned short sellers ahead of the meeting, while Russian deputy PM Novak claimed that there was no need to adjust production at the upcoming meeting.
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