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30 May 2023 - 21:43
Iran key player in global oil market: OPEC chief

Secretary General of Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais has said that Iran is a founding member of OPEC and a key player in the global oil market.

"OPEC family welcomes the full return of Iran’s oil output to the oil market, once the sanctions against its oil sector are lifted," Al Ghais said in an exclusive interview with the Iranian Oil Ministry's news service SHANA which was published on Tuesday.

Al Ghais, who visited Tehran last week, held talks with Iranian officials about the latest situation of the oil market, the prospect of supply and demand of oil in the world, the upcoming summit of OPEC member states and the ministerial meeting of OPEC+, a grouping which consists of OPEC members and allied oil producing nations like Russia.

He said that the OPEC forecast that global oil demand will surpass the pre-COVID levels in 2023, reaching almost 102 million barrels per day.

"This is taking into account all issues facing the global economy, including banking issues, higher inflation levels requiring tighter monetary policies, and the high debt levels in many key economies. All of these variables do affect global economic growth, and hence global demand for oil," he said. 

News ID 195432

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