World needs Iran’s oil to cap surging prices, says minister Owji
Iran’s Oil Minister Javad Owji has announced the country is ready o supply more oil to the global markets amid concerns that crude prices could rise as high as $100 barrels.
Owji said on Wednesday that Iran will be ready to immediately increase its supply of oil to the global markets if American sanctions are lifted from the country.
Oil prices have rallied to up to around $90 per barrel amid rising demand in major economies after the easing of coronavirus restrictions.
Speaking after a meeting of the OPEC+ alliance of oil producing nations, Owji said that if major economies are unhappy with the current price level and the amount of oil supply into the markets, they should move to have American sanctions on Iran removed.
“My suggestion to them is the immediate cancellation of the unilateral and oppressive American sanctions against Iran and to open up the space for the return of maximum Iranian (crude) output to the global markets,” Owji was quoted by Oil Ministry’s news service Shana.
The minister said that the current energy crisis in Europe and other parts of the world will not be eased unless major producers like Iran increase their supplies to the markets.
Iran’s oil exports declined in 2019 after the United States toughened its bans on the country’s crude sales. That came one year after Washington pulled out of an international agreement on Iran’s nuclear program and imposed a series of unilateral sanctions on the country.
Iran’s crude sales started to recover in the second half of 2020 in defiance of the sanctions although supplies have remained at around 1 million barrels per day (bpd), much lower than the 2.5 million bpd figure reported before the sanctions were imposed.
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