Iran rejects any limit to oil exports after Russian envoy’s tweet

Iran says it will not accept any limit to its exports of oil when the situation normalizes with the removal of the most draconian US sanctions on the country.

Tehran is facing a race against time to reclaim its standing in the global energy market as producers plan to ramp up oil production through the end of 2022. President Ebrahim Raeisi, who took office on Thursday, has said that he will seek to lift the “tyrannical sanctions imposed by America”.

Negotiations in Vienna to bring the US back to compliance with the 2015 nuclear deal with Iran have been suspended since mid-June. Iran’s traditional customers are watching the talks with interest and some companies are said to have held discussions to resume purchases.

Outgoing Iranian Minister of Petroleum Bijan Zanganeh said last month that some members of the Organization of Petroleum Exporting Countries (OPEC) were concerned about how a return of Iranian barrels to the market would affect the prices.

Zanganeh said he told an OPEC+ meeting on July 18 that Iran would not hesitate to fully regain its market share once the sanctions were removed.

On Thursday, Iran’s ambassador and permanent representative to international organizations in Vienna, Kazem Gharibabadi, reiterated the stance.

“Iran has always been an active and important founding member of the OPEC and we will continue our positive role in the Organization. However, we have always said that Iran will not accept any limitation on its oil production and export’ level when the situation is normalized,” he tweeted.

Iran has always been an active and important founding member of the OPEC and we will continue our positive role in the Organization. However, we have always said that Iran will not accept any limitation on its oil production and export’ level when the situation is normalized. 1

— Gharibabadi (@Gharibabadi) August 5, 2021

His remarks came in response to his Russian counterpart Mikhail Ulyanov’s tweet that hoped after the removal of the sanctions, “Iran will join efforts of OPEC+ to maintain the oil market stability”.