Mehdi Asali

Iran backs any OPEC move to balance market: Envoy


TEHRAN, June 01 (Shana) – Iran supports every measure by the Organization of Petroleum Exporting Countries (OPEC) for restoring stability in the market and bringing crude oil prices to a fair and logical level, said Iran’s OPEC Envoy Mehdi Asali.

“Iran supports any OPEC move to induce stability to oil market with fair and logical prices,” the director of OPEC Affairs Department at the Iranian Ministry of Petroleum told Shana.

He said Iran has repeatedly and officially notified other OPEC members of its resolve not to forgo its right to boost crude oil exports after years of tough sanctions on the country.

“Iran expects fellow OPEC members to understand Tehran’s status which is trying to bring its market share and production level after years of draconian sanctions to the pre-sanctions levels,” he said.

Asali said currently OPEC member states are mostly focused on restoring market balance and stability and the issue of endorsing the production quota to replace it with the production ceiling by members can be considered after stability is ensured in the market.

“Regarding export hikes by some OPEC members like Iran and Iraq, and the production decline by some other members, the issue of production quota has become a time-consuming and complicated matter to consider and any agreements regarding the quota system will need stability of the members’ output for a certain period of time which is not attainable under the current circumstances.”