DUBAI–ʷwillɱdz’sڳܱٳܰto theǾɳԳپDzԲareڳٱ,theٲԱof the Organization of the Petroleum Exporting Countries (OPEC) told the IranianǾministry’s website SHANA on Monday.
Iran is an ʷmember, although itsǾexports are subject to US ԳپDzԲaimed at curbing Tehran’s nuclear program.
ٲұԱHaitham Al Ghais, who is visiting Tehran for the first time, added that Iran has the capacity to bring on significant production volumes within a short period of time.
“We believe that Iran is a responsible player amongst its family members, the countries in the ʷgroup. I’m sure there will be good work together, in synchronization, to ensure that the will remain balanced as ʷhas continued to do over the past many years,” SHANA’s English-language website cited him as saying.
Asked aboutʷ’s voluntary production cut and its effect onǾprices, Ghais said, “Inʷ…we don’t target a certain price level. All our actions, all our decisions are made in order to have a good balance between globalǾdemand and globalǾsupply.”
In a in early April, Saudi Arabia and other members ofʷ+, which comprises ʷand allies including Russia, announced furtherǾoutput cuts of around 1.2 million barrels per day, bringing the total volume of cuts byʷ+ to 3.66 million barrels per day, according to Reuters calculations.
Saudi Arabia, the kingpin ofʷ, and Iran announced in March that they would restore diplomatic relations after years of hostility, in a deal brokered by China, the world’s No. 2Ǿconsumer. – Reuters
