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Iran can greatly increase crude output in a short time: OPEC
This was demonstrated in 2015-16, when the sanctions were removed, he said, adding, “Iran has managed to increase its production by almost one mb/d of crude oil and condensate,” Shana reported.
“Iran continues to invest in its oil sector, not only in the upstream, but also in the downstream and petrochemical sectors. So, Iran, as a fundamental key player, along with all other OPEC members continue their roles in providing a stable and reliable supply of oil to customers and countries around the
world.”
The OPEC family welcomes the full return of Iran’s oil production to the oil market, once the sanctions against its oil sector are lifted, said the official.
There are many factors affecting oil prices. In OPEC, we don’t target a certain price level.
All our measures and decisions are made in order to have a good balance between global oil demand and supply, he added.
“To start, we look at the macroeconomic indicators, globally, and as you know, we are still recovering from COVID-19, which has severely affected the market for the past three years.”
Indeed, it’s still a dynamic situation, and this year, 2023, we forecast that global oil demand will surpass pre-COVID levels, reaching almost 102 mb/d, the OPEC head said, adding, “I am sure there will be good work together to ensure that the market will remain balanced, as OPEC has continued to do over the past many years.”
OPEC believes in international cooperation, dialogue, not only with producers, as we are also actively involved in dialogue with many of the key consumers around the world, such as the European Union, China, and India, he said.
“We are working on developing more with key consumers around the world such as Japan, South Korea and others. So, OPEC is all about dialogue. Our door is open. Collaboration is the way to go forward whether it is in energy or other aspects,” Al Ghais concluded.