Heath Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), confirmed that "the organization will welcome Iran's full return to the oil market when sanctions against it are lifted." Ghais added to the Shana news website, affiliated with the Iranian Ministry of Oil, "We see that Iran is a responsible member among its family members, the countries in the OPEC group. I am confident that we will work together effectively and in coordination to ensure the maintenance of market balance so that OPEC continues on the path it has taken over the many years."
In response to a question about OPEC's voluntary production cuts and their impact on oil prices, Ghais stated, "In OPEC... we do not target a specific price level. All our actions... all our decisions are made to achieve a good balance between global oil supply and demand."
In a surprising move, Saudi Arabia and other OPEC+ members, which include OPEC and allies such as Russia, announced in early April further reductions in oil production by about 1.2 million barrels per day, bringing total OPEC+ cuts to 3.66 million barrels per day, according to Reuters calculations.
In March, the Kingdom, OPEC's leader, and Iran announced that they would restore diplomatic relations after years of hostility, in an agreement mediated by China, the world's second-largest oil consumer.
