The Strategist

OPEC speaks out on possible increase in Iran's oil production

06/01/2021 - 03:25

OPEC expects Iran's future oil production growth to be transparent and orderly, keeping the market stable, OPEC Secretary General Mohammed Barkindo said in a statement on the organisation's website.

"We anticipate that the expected return of Iranian (oil) production and exports to the world market will take place in an orderly and transparent manner, thereby maintaining the relative stability we have been striving for since last April," he said after a meeting of the OPEC+ technical committee. 

The OPEC Secretary General noted that Iran is an extremely important and valuable member of the organisation, adding that the country is one of the five founding members of OPEC. Barkindo in his speech also stressed the importance of investment for the future of oil production.

In addition, Barkindo noted the importance of the OPEC+ agreement for the stability of the oil market. "Given the wide range of uncertainties, it is a huge source of comfort for the market that the partners in the declaration of cooperation of oil producing countries continue to be such a reliable and assured component that contributes to the stability of the oil market," he said.

Earlier on Monday, Iranian Oil Minister Bijan Zanganeh said Tehran could increase oil production to 6.5 million barrels per day without any problem, more than double the current rate.