Russia's Novak says OPEC+ considers return of Iranian oil, sees 1 mil bpd deficit

London, (Quantum Commodity Intelligence) – Members of the OPEC+ group of oil producers group will consider the possibility of Iranian oil returning to the global market, Russia Deputy Prime Minister Alexander Novak told reporters on Wednesday, according to Russian news agency TASS.

'Potentially we bear in mind such a possibility. Iran has the recovery potential. We have always stated that anti-Iran sanctions are discriminatory,' said Novak.

'We have to consider Iran's potential,' he said, adding that Iran 'belongs to OPEC and OPEC+ and the balance will be calculated accordingly,' referring to a potential Iranian oil quota.

The OPEC+ technical committee that analyzes the situation each month and provides recommendations for the ministerial meeting of the agreement's member-states, will be involved in that work. 'That is why we cannot say in advance,' Novak said.

The Deputy PM, who also oversees Russian oil policy, said Russia estimates the current supply/demand deficit on oil markets at 1 million barrels per day.

'The current deficit on the market is around 1 million barrels per day and we have to understand how we can satisfy the growth of demand in the future as well,' he said.

Iran has said it remains optimistic over the chances of a positive outcome as talks resume in Vienna, but western diplomats have indicated there is still some way to go before an agreement is reached.