THE Organisation of the Petroleum Exporting Countries (Opec) will approve the complete return of Iran to the oil market when sanctions against its oil industry are lifted, Opec secretary-general Haitham Al Ghais said in an interview with Iran’s Oil Ministry Shana and the Iran Petroleum magazine.

“We welcome the return of Iran’s oil production in the future, when sanctions are lifted. We look forward to that day,” he said.

Haitham said the oil market and demand for it are growing, adding that Iran is a responsible member of the organisation.

Iran is one of Opec’s founders and a key player in the global market, he said.

Sanctions are severely limiting Iran’s production capabilities, but Tehran still plays a major role in ensuring stable oil supply by investing in exploration and refinement, as well as petrochemistry, he said.

The Trump administration withdrew the United States from a nuclear deal with Iran in May 2018, before reimposing sanctions on the Gulf state, including against oil purchases, in November that year.

But US authorities issued temporary approval for several countries to keep buying oil from Tehran. This permission expired in May 2019 and was not extended. – Bernama, May 30, 2023.