OPEC Secretary General Abdullah al-Badri says the organization will be able to make room for Iran’s barrels when the country restores production to the levels before sanctions.
Tehran exported around 2.3 million barrels of oil per day before sanctions cut them to around 1 million. With finalized nuclear negotiations having paved the way for the removal of the sanctions, Iran wants to regain its normal share of the market.
“We are really happy that sanctions are on their way to be over for Iran. Now we don’t have any country under sanctions in our organization,” al-Badri has said in Moscow.
“I think the quantity that is in question, I think our group will accommodate them,” he added.
Badri said he had received no request for an extraordinary OPEC meeting before the next scheduled gathering in December despite speculations that it might be needed to discuss Iran’s return to normal production levels.
Tehran has said it will raise output by 500,000 barrels per day within two months and 1 million bpd after six months once the sanctions are lifted.
Certain circles are in a panic mode, stating that Iran’s return to pres-sanction production levels would worsen the global supply glut.