Volume. 12228

Iran's entry into oil market will have great impact: expert
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MUSCAT  (KUNA) -- An Omani economic expert stressed that Iran's re-entry into the oil market and the lifting of sanctions imposed on it would have a significant impact on the world oil market.
Dr. Juma bin Saleh Al-Ghailani told Kuwait News Agency (KUNA) that Iran is a founding member in the Organization of Petroleum Exporting Countries (OPEC) and has a large oil reserve estimated at nearly 160 billion barrels, in addition to it Iran being one of the pillars of the (OPEC ) in the oil market.
Al-Ghailani added that Iran always calls on OPEC member states to increase their oil prices to impact on the economies of the Western countries, pointing out that Iran has sharp internal economic problems as a result of the sanctions imposed by the Western countries, prompting Tehran to call for raise of the world oil prices.
He said that in the long run, Iran's re-entry into the world oil market will have a limited impact due to two factors; first, because Saudi Arabia is always trying to maintain reasonable oil prices, whereas the second factor is that the OPEC system allows Riyadh to increase production to cover needs of the international oil market and to curb global prices.
He stressed future of the oil market remains mysterious because OPEC has been unable to play the role that it used to practice over the past five decades, noting that the United States and Canada, possibly within the next three years, will be a major player in the international oil market.

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