OPEC To Approve Return Of Iranian Oil To Market When Sanctions Lifted - Secretary General

MOSCOW (UrduPoint News / Sputnik - 30th May, 2023) The Organization of the Petroleum Exporting Countries (OPEC) will approve the complete return of Iran to the oil market, when sanctions against its oil industry are lifted, OPEC Secretary General Haitham Al Ghais said in an interview with Iranian agency Shana and the Iran Petroleum magazine.

"Indeed, we welcome the return of Iran's oil production in the future, when sanctions are lifted. We look forward to that day," he said.

Al Ghais also noted that the oil market and demand for it are growing, adding that Iran is a responsible member of the organization.

Besides, Iran is one of the founders of OPEC and a "key player" on the global market, the secretary general said.

However, sanctions seriously limit Iran's production capacities, but, despite this fact, Tehran continues to play a major role in ensuring stable and reliable oil supplies, investing in both exploration and oil refining, as well as in petrochemistry.

Under former US President Donald Trump, the United States withdrew from the Iran nuclear deal in May 2018. In November that year, sanctions against Iran, including restrictions on oil purchases, were completely reimposed, however, the US authorities issued temporary permissions to a series of countries to keep buying oil from Tehran. The permissions expired in May 2019 and were not extended.