The Organisation of Petroleum Exporting Countries (Opec) will “coordinate itself” to accommodate Iran’s return to oil markets without causing a price crash, Bijan Zanganeh, Iran’s oil minister, said yesterday, during a visit to Beijing. Members of Opec should also discuss production levels before June’s meeting, he said.
Iran, once the No. 2 exporter of Opec, is looking to ramp up its crude oil exports quickly if a final agreement is reached with the six world powers over its nuclear programme, and sanctions are lifted.