OPEC Secretary General Due in Tehran Monday

Mohammed Sanusi Barkindo is planned to arrive in the Iranian capital on Monday ahead an informal meeting between members of the Organization of the Petroleum Exporting Countries due to be held in Algeria on September 26-28 on the sidelines of the International Energy Forum.

During his visit, he will hold talks with Iranian Oil Minister Bijan Namdar Zangeneh on a number of issues, including oil freeze plan, oil shales, and stumbling oil prices.

The trip will come 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 3.1 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.