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Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran.
Earlier this month, Saudi Arabia and Iran agreed to resume diplomatic relations and re-open embassies and missions, Saudi Arabia, Iran, and China said in a joint statement, following a week of Saudi-Iranian talks in Beijing.
The rift between Saudi Arabia and Iran has shaped regional politics in the Middle East in recent years and decades.
Both countries are members of OPEC and are some of its biggest oil producers, although Iran’s output has declined since 2018 when then-U.S. President Donald Trump withdrew from the so-called Iranian nuclear deal and re-imposed sanctions on the Iranian oil industry and exports. Saudi Arabia, OPEC’s largest producer, also leads the OPEC+ agreement with Russia on oil production quotas. Iran is exempted from quotas because of the sanctions against it.
“The Islamic Republic of Iran, as one of the world’s largest holders of oil and gas reserves, attaches great significance to new investments in oil industry and welcomes any type of new investments in its oil and gas sectors, particularly by OPEC+ member states, to take a stride toward guaranteeing the world’s energy security,” the statement from Iran’s petroleum ministry said on Sunday.
Last week, Saudi Arabia's Finance Minister Mohammed Al-Jadaan said that “There are a lot of opportunities for Saudi investments in Iran. We don't see impediments as long as the terms of any agreement would be respected.”
Also in Iran’s petroleum ministry statement, Iranian Oil Minister Javad Owji said that “any interference, including political and legal meddling, in the energy market’s economic foundations will be a lose-lose game for all players of the energy arena and will fail to help eradicate energy poverty and provide the global energy market with security.”
The energy market needs to get rid of political interference to achieve stability, the statement noted.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.