OPEC oil output rose in July to its highest since April 2020, a Reuters survey found, as the group further eased production curbs under a pact with its allies and top exporter Saudi Arabia phased out a voluntary supply cut.
Iran’s Minister of Petroleum Bijan Namdar Zanganeh on Sunday said that OPEC+ cannot turn a blind eye to the return of the country’s oil production to global markets after the imposed sanctions are removed.
Iran’s Oil Minister Bijan Namdar Zanganeh said that a number of members of the Organization of Petroleum Exporting Countries (OPEC) are concerned about how a return of Iranian supplies to the international markets would affect the prices.
Oil prices reversed earlier losses to stand slightly higher on Tuesday as broad hopes for a demand recovery persisted despite new outbreaks of the highly contagious Delta variant of the coronavirus prompting fresh mobility curbs worldwide.
Iran’s permanent representative to the Vienna-based international organizations Kazem Gharibabadi held talks with Secretary-General of OPEC Mohammed Barkindo on Monday evening and discussed oil market and bilateral ties.