'Iran Is A Responsible Player,' Says OPEC Secretary General: Here's What He Said On The Nation's Full Return To Oil Market

Haitham Al-Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly said the alliance will welcome Iran's full return to the oil market when sanctions are lifted.

Al-Ghais, who is visiting Tehran for the first time, stated Iran has the capacity to bring on significant production volumes within a short period of time, according to a Reuters report that cited the Iranian oil ministry’s website SHANA.

Also Read: Best Penny Stocks

“We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I am 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,” Al-Ghais said.

When asked about the alliance's decision to cut production and its impact on oil prices, Al-Ghais said OPEC doesn't target a certain price level. "All our actions, all our decisions are made in order to have a good balance between global oil demand and global oil supply," he said, according to the report.

Price Action: Oil was trading higher during Tuesday morning’s Asian trading session. West Texas Intermediate futures maturing in July were trading 0.14% higher at $72.78 per barrel, at the time of writing. The United States Brent Oil Fund (NYSE:BNO) closed 1.21% higher on Friday while the Vanguard Energy Index Fund ETF (NYSE:VDE) lost 0.42%, according to Benzinga Pro.

Last week, Russia's Deputy Prime Minister Alexander Novak stated OPEC+ wasn't likely to take further measures at its gathering in Vienna in June. The OPEC+ alliance is scheduled to meet June 3-4 in Vienna.

Read Next: Debt Ceiling: McCarthy Confidence Aside, Smooth Sailing For Deal In Congress Unlikely As Opposing Voices Increase