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Russia seeks optimal distribution of OPEC+ quotas if Iranian crude enters market

The OPEC+ alliance should agree on “how to optimally distribute” crude production quotas, if a new Iran nuclear deal is reached that unlocks Iranian oil exports, Russian Foreign Minister Sergei Lavrov said March 15.

Lavrov said that there were mechanisms in place to limit volatility in the event of the release of Iranian oil to the world market, which will be felt by exporters and importers alike.

“First of all, this is the OPEC+ organization, in which Iran participates and which, in situations involving the appearance of new volumes of hydrocarbons on the world market, develops agreements on how to optimally distribute quotas,” Lavrov said during a press conference following talks with Iranian Foreign Minister Hossein Amir-Abdollahian.

“I am sure that such constructive work will be done as soon as all the issues related to Iranian oil coming to market are settled,” Lavrov added.

Lavrov described unblocking Iranian oil exports as a fundamental part of the agreement, which Russia has actively supported.

Talks on the deal stalled last week after Russia insisted its trade with Iran should be protected from sanctions imposed over the war in Ukraine, and Tehran called for more US concessions.

The deal would revive the 2015 Joint Comprehensive Plan of Action signed by the US, UK, France, Russia, China, Germany, the EU, and Iran, waiving sanctions restricting sales of Iranian oil, in exchange for concessions on Tehran’s nuclear program.

If a deal can be reached, S&P Global Commodity Insights projects that full sanctions relief by May could lift Iranian production by 750,000 b/d by August, and allow about 300,000 b/d of exports from storage.

Source: Platts

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