Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Spanish Parliament has overwhelmingly voted in favor of legislation banning arms sales to "Israel"
Syrian leadership approved the return of spy Eli Cohen's archive to "Israel": Reuters citing sources
Government Media Office in Gaza: The [Israeli] policy of starvation has led to more than 300 cases of miscarriage among pregnant women during the same 80-day period
Government Media Office in Gaza: The [Israeli] policy of starvation has resulted in the deaths of 326 people due to malnutrition and the lack of food and medicine over the past 80 days
UN says no aid distributed yet in Gaza
EU's top diplomat Kaja Kallas asks for a review of EU-"Israel" trade deal
Rubio says Syria could be weeks away from 'full-scale civil war'
Sweden seeks EU sanctions targeting "individual Israeli ministers": Minister to AFP
UK pauses trade deal talks with "Israel", summons ambassador over new Gaza offensive
Al Mayadeen's correspondent: 67 martyrs in Israeli strikes on Gaza since morning.

OPEC to welcome Iran’s return to oil market when sanctions lifted

  • By Al Mayadeen English
  • Source: Agencies
  • 30 May 2023 15:27
3 Min Read

OPEC's Secretary General reveals intentions of welcoming Iran back to the oil market after US lifts sanctions.

  • x
  • The sun sets behind an idle pump jack near Karnes City, USA, April 8, 2020. (AP)
    The sun sets behind an idle pump jack near Karnes City, USA, April 8, 2020. (AP)

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) told the Iranian oil ministry's website SHANA on Monday that OPEC will welcome Iran's full return to the oil market when sanctions are lifted. It is worth noting that Iran is an OPEC member, although its oil exports are subject to US sanctions aimed at curbing Tehran's nuclear program.

Secretary General Haitham Al Ghais added that Iran has the capacity to bring on 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," SHANA's English-language website cited him as saying.

Regarding 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."

Related News

OPEC+ eyes full return of 2.2 million barrels amid compliance rift

OPEC+ to boost oil output again amid market weakness, internal rift

According to Reuters calculations, Saudi Arabia and other members of OPEC+, which comprises OPEC and allies including Russia, announced in early April 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.

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

Earlier this week, Al-Ghais warned that underinvestment in the carbon fuels sector may lead to volatile long-term consequences and imperil growth. The official also highlighted the necessity of reducing greenhouse gas emissions instead of focusing on substituting energy produced by burning oil and gas with other forms of energy.

Al-Ghais stressed that investments should be distributed to all energy sectors and the inability to do so will have grave consequences, further adding, "That is the truth that needs to be spoken." The organization estimates that the global gas and oil sector needs a total of $12.1 trillion in funding to meet long-term expectations.

Read next: Oil overshadows dollar in light of market turbulence

  • OPEC
  • Sanctions on Iran
  • Oil
  • OPEC+
  • Oil prices
  • Saudi Arabia
  • Iran

Most Read

Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025
YAF say struck 'Israel's' Ben-Gurion Airport with missiles, drones

YAF say struck 'Israel's' Ben Gurion Airport with missiles, drones

  • MENA
  • 18 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Gulf investments quietly boosted Elon Musk and family fortunes
US & Canada

Gulf investments quietly boosted Elon Musk and family fortunes

A 3D render of China's planned 'drone mothership' Credit: X/@XH_Lee23
US & Canada

China unveils drone mothership capable of swarm attacks

Relatives of Venezuelan migrants deported by the US to a Salvadoran prison protested outside the UN building in Caracas on April 9, 2025 (AP)
US & Canada

At least 50 migrants deported to El Salvador prison entered US legally

A city bus goes by the historic city of Santiago, Spain during a major power outage across Spain and Portugal on April, 28, 2025. (AP Photo/Mic Smith)
Europe

Spain hit by major phone network outage weeks after nation blackout

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS