OPEC+ leader Al-Ghais says alliance will welcome Iran's full return

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OPEC+ leader Al-Ghais says alliance will welcome Iran's full return

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

In a Reuters report, Al-Ghais said 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.

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 few years, he said.

When asked about the alliance's decision to reduce production and its impact on oil prices, Al Ghais answered that OPEC doesn't target a specific 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, Mr. Shepherd said in a statement.

Oil prices rose during the Asia trading session on Tuesday. West Texas Intermediate futures were trading 0.14% higher at $72.78 per barrel at the time of writing. On Friday, the United States Brent Oil Fund BNO was up 1.21% and the Vanguard Energy Index Fund ETF VDE lost 0.42%, according to Benzinga Pro.

Last week, Russia's deputy prime minister Alexander Novak said OPEC wasn't likely to take further measures at its gathering in Vienna in June. The OPEC Alliance is scheduled to arrive in Vienna on 3 - 4 June.

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