TEHRAN, Oct. 20 (UPI) — The Iranian government aims to reach an agreement with OPEC members regarding its imminent return to global oil markets, a deputy petroleum minister said.
According to SHANA, the news website of the Iranian Oil Ministry, technical experts from the Organization of Petroleum Exporting Countries meet Wednesday in Vienna to discuss the trajectory in crude oil markets.
Brent, the global benchmark for the price of crude oil, traded at $48.44 per barrel early Tuesday, down about 2 percent since the start of October and about 50 percent lower than this time last year. Weak growth in the global economy and a surplus of oil has put downward pressure on the price for Brent.
Amir-Hossein Zamaninia, the deputy oil ministry in charge of commerce and international affairs, told SHANA the issue of Iran’s return to the global stage would be reviewed in Vienna.
“We hope to reach an understanding with OPEC in political terms for supplying Iran’s oil,” he said.
A July nuclear agreement with world powers offers Iran widespread sanctions relief in exchange for commitments to allay concerns about a weapons program. That deal was formally endorsed by members of the Iranian parliament last week, clearing the way for the easing of sanctions pressure.
Iran said it could add another 500,000 barrels of oil per day to the international market after sanctions are lifted.
A U.S. group, Producers for American Crude Oil Exports, said in an emailed statement that if U.S. policy on oil exports remains unchanged, overseas allies could turn to traditional adversaries for oil.
“Allies and trading partners, who are requesting U.S. oil, are left with no choice but to turn to countries like Iran and Russia for supplies,” PACE said.
U.S. advocates of lifting a 40-year-old ban on crude oil exports argue ending the moratorium would have strategic and economic benefits. The U.S. House of Representatives voted in favor of ending the ban, though the White House suggested it would veto the measure.
Iranian Oil Minister Bijan Zanganeh is scheduled to host his Russian counterpart Wednesday in Tehran.
“Russians know how to do business in Iran and we hope the visit will bear positive results,” Iran’s deputy petroleum minister said.
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