Visiting Moscow to Meet with Russian officials, OPEC Secretary-General Abdullah El-Badri announced that the market is eying Iran’s oil returning to stream.
In response to questions posed by the reporters after his meeting with Russian Energy Minister Alexander Novak, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah El-Badri commented on Iran-Sextet deal of July 14, embracing the removal of oil sanctions imposed on Iran expressing hope for a good post-sanctions market with Iran’s return.
“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,” he told the journalists.
The accord paves the way for removal of sanctions and the gradual return of Iranian oil to the global market in 2016.
The top officials from the OPEC, said after Thursday talks with Russian Energy Minister Alexander Novak that he did not anticipate a further drop in prices.
Russia’s Novak also said that he and El-Badri did not discuss any production cuts.
OPEC decided in June not to cut production, in a bid to retain its share of the global market in the face of a boom in shale oil production in US. Russia, which is not part of OPEC but is the world’s top crude producer and depends heavily on energy exports, hasn’t made any cuts either.
The steep falls in the oil prices since June 2014 were caused by slowing global economic growth and the oversupply of oil by certain countries.