The Organization of the Petroleum Exporting Countries (OPEC) is "looking forward" to lifting sanctions imposed on Iran so it can ramp up its oil production, OPEC Secretary-General Haitham Al Ghais said on Monday.
"Iran is a founding member of OPEC and a key player in the global oil market. Iran is currently under sanctions, and that limits [oil] production. We know that Iran can significantly increase production in a short period of time. This was demonstrated in 2015-2016 when sanctions were lifted," the OPEC secretary-general told Iran's Shana news agency. "Indeed, we welcome the return of Iran's oil production in the future when sanctions are lifted. We look forward to that day," he noted.
Al Ghais estimated that since 2018, when former US President Donald Trump decided to withdraw from the nuclear deal and reinstate the sanctions regime on Iran, the republic has been able to increase oil production by nearly 1 million barrels per day. The secretary-general noted that despite the restrictions, the country continues to invest in the oil sector, both in field development projects and in the petrochemical industry. "Thus, Iran <...> along with other OPEC members, continues to ensure a stable and reliable supply of oil to consumers around the world," he stressed.
Al Ghais said that during his visit to Iran, he met Monday with President Ebrahim Raisi of the Islamic Republic and Oil Minister Javad Owji.
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Based on materials from TASS