Haitham Al-Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly said the alliance will welcome Iran's full return to the oil market when sanctions are lifted.

Al-Ghais, who is visiting Tehran for the first time, stated Iran has the capacity to bring on significant production volumes within a short period of time, according to a Reuters report that cited the Iranian oil ministry’s website SHANA.

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“We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I am sure there will be good work together, in synchronization, to ensure that the market will remain balanced as OPEC has continued to do over the past many years,” Al-Ghais said.

Last week, Russia's Deputy Prime Minister Alexander Novak stated OPEC+ wasn't likely to take further measures at its gathering in Vienna in June. The OPEC+ alliance is scheduled to meet June 3-4 in Vienna.

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