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OPEC+ potentially considers return of Iranian oil to market, says Novak

Deputy Prime Minister Alexander Novak also mentioned that the current deficit on the oil market should be taken into account to satisfy the growth of demand in the future

TORZHOK /Tver Region/, May 26. /TASS/. The countries participating in the OPEC+ oil production cuts agreement consider the possibility of Iranian oil returning to the global market, Deputy Prime Minister Alexander Novak told reporters on Wednesday.

"Potentially we bear in mind such a possibility. Iran has the recovery potential. We have always stated that anti-Iran sanctions are discriminatory," he said.

"We have to consider Iran’s potential," Novak said, adding that Iran "belongs to OPEC and OPEC+ and the balance will be calculated accordingly."

"It is necessary to explore and estimate the influence of that factor on the market," Deputy PM said. The OPEC+ technical committee that analyzes the situation each month and provides recommendations for the ministerial meeting of the agreement’s member-states, will be involved in that work. "That is why we cannot say in advance," Novak noted.

He added that Russia estimates the current deficit on the oil market at 1 mln barrels per day. "The current deficit on the market is around 1 mln barrels per day and we have to understand how we can satisfy the growth of demand in the future as well," he said.