Sun, 10 Dec 2023

US sanctions currently limit the country's energy production

Iran is a responsible partner and the country's full return to the oil market will be welcome when the US lifts its sanctions, OPEC Secretary General Haitham Al Ghais told Iran's Shana news agency on Monday.

Iran, which is a member of OPEC, is capable of delivering significant production volumes to the market over a short period of time, Al Ghais said on his first visit to Tehran.

However, the country has been the subject of US sanctions over its nuclear program, which target the oil and gas industry among other things.

Nonetheless, the restrictions have failed to completely stop Iranian oil exports since they were re-imposed by the Trump administration in 2016.

"We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I'm sure there will be good work together, in synchronization, to ensure that the market will remain balanced as OPEC has continued to do over the past many years," Shana cited Al Ghais as saying.

Attempts to resolve the issues between Washington and Tehran and remove the sanctions have repeatedly broken down.

Iran and Saudi Arabia, OPEC's major oil producer, announced in March that they would restore diplomatic relations following mediation from China, the world's second largest oil consumer. Earlier this year, the countries agreed to reopen their respective embassies and forge closer economic ties.

For more stories on economy & finance visit RT's business section


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