Iran’s oil minister assures return to markets at OPEC summit

While traders have one question in mind that how much Iran can produce and export, if sanctions are removed in a final deal, OPEC is facing key challenge, how to accommodate Iranian exports if 30 million barrels/day production target remains in place.

Iran is set to conclude a nuclear deal final agreement with western powers by the end of month, which can pave way for Iranian exports to international oil market. There is no certainty of the deal and removing of sanctions, however likely hood is high.

Iran's oil minister Bijan Zanganeh taking up all the limelight attention in today's OPEC meeting as everyone is interested to have a feel of what might happen if a deal is struck and what is Iran's oil stance in the market.

• Mr. Bijan has clearly declared that it hardly matters, what OPEC's decisions are, Iran will return to the market, whether there are rooms or not, since it is Iran's right. According tom him Iran and increase exports by 1 million barrels by next 6 months.

As of now Iran exports around 1.1 million barrels/day which is down by more than 50% from their pre-sanctions high.

OPEC maintains production target at 30 million barrels/day, but the cartel's cooperation remains broken.

Brent is currently trading at $62.5/barrel.