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24 May 2019


"Iran deserves to boost oil output"

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OPEC and Russia should reach a deal to freeze oil supply, while Iran deserves to complete its return to world markets, Russia’s President Vladimir Putin said in interview to Bloomberg.

“From the viewpoint of economic sense and logic, it would be correct to find some sort of compromise. I am confident that everyone understands that. We believe that this is the right decision for world energy,” Putin said.

Putin said that now countries recognize that Iran should be allowed to continue raising production.

The Russian president said he may recommend completing the plan when he meets with Saudi Deputy Crown Prince Mohammed bin Salman at the Group of 20 summit in China next week.

The informal OPEC meeting is expected in late September in Algeria. It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

The meeting will be held at the fringe of the International Energy Forum in Algiers from 26-28 September. The forum will bring together ministers, CEOs, international organizations like OPEC and the IEA, and experts from 73 countries.

“I would very much like to hope that every participant of this market that’s interested in maintaining stable and fair global energy prices will in the end make the necessary decision,” said Putin. "Prince bin Salman “is a very reliable partner with whom you can reach agreements, and can be certain that those agreements will be honored,” he said.

Putin said that oil producers recognize that Iran, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets.

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country,” Putin said. “It would be unfair to leave it on this sanctioned level.”

Iran has been earlier called on by many countries, the rival Saudi Arabia in particular, to cooperate with the proposal to hold outputs at the January levels.

Tehran has rejected the idea as an imposition of a new set of sanctions on Iran after the country was freed of the economic sanctions in January.

Iran's Oil Ministry has said it suffered a setback from 2.3 million barrels per day (mbpd) of oil export to 1 mbpd under the sanctions, maintaining that it will not consider any freeze until it has made up for the "unjust" setback.

The secretary-general of OPEC Mohammed Barkindo is scheduled to visit Tehran Sept. 5 to meet with Iran’s oil minister, Bijan Namdar Zanganeh, to convince Iran to join the oil output freeze plan.

Earlier Iran said the country supports any action by oil producers aimed at market balance, but Iran has the right to continue reviving its share on the international oil markets.

Putin said that oil producers recognize that Iran, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets.

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country,” Putin said. “It would be unfair to leave it on this sanctioned level.”

Date
2016.09.02 / 13:25
Author
Axar.az
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