Algeria Supports Iran’s Bid to Raise Oil Output after Sanctions Relief
TEHRAN (Tasnim) – Algeria’s energy minister said Iran “has the right” to increase its production and recoup its share in the global oil market following the removal of anti-Tehran sanctions.
“Iran has the right to increase production to the pre-sanctions level,” Noureddine Boutarfa said in an interview in Moscow Friday, after meeting his Russian counterpart Alexander Novak.
“It is also the right of Libya, Nigeria to increase," he added.
Boutarfa was shuttling between Moscow and Paris Friday as he prepares to host talks between the Organization of Petroleum Exporting Countries (OPEC) and other major oil exporters in Algiers later this month.
“All the solutions are possible,” Boutarfa said when asked if higher output from those countries could be accommodated within a freeze deal.
The remarks came after Iran said earlier that it may support a new attempt this year by OPEC plus non-members such as Russia to stabilize oil production.
On September 4, Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said Tehran is ready to help restore balance to the oil market after it regains its pre-sanctions oil market share.
OPEC will probably revive talks on freezing oil production levels when it meets non-OPEC nations in the North African country.
On June 2, OPEC members discussed freezing oil output following the Doha meeting in April after OPEC and major non-OPEC oil producers failed to agree on freezing oil output at January 2016 levels to shore up prices.
Tehran refused to join the previous attempt in April as it was striving to maximize its oil output after the termination of the sanctions following a lasting nuclear deal between Tehran and world powers.
However, it may attend the upcoming meeting as it has been boosting output after the removal of anti-Tehran sanctions in January and is reaching its pre-sanctions production level.
Iran now reportedly produces around 3.8 million bpd of oil. The sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Tehran’s peaceful nuclear program and started implementing it on January 16.
The agreement terminated all nuclear-related sanctions imposed on Iran.
