There is no need for OPEC+ to expand its oil production, Nigeria's petroleum minister said on Tuesday, as the group sees a potential deal between Iran and world powers unlocking more supplies.
"We don't have do anything extraordinary this time because we are expecting a lot of production," Timipre Sylva said on the sidelines of a gas exporters conference in Qatar's capital Doha.
OPEC+ cut supplies in 2020 as the COVID pandemic reduced global demand but began marginally increasing supplies. However overall production has remained well below pre-pandemic levels bossting prices to 7-year highs of close to $100 per barresl.
"We are expecting more production if a nuclear deal with Iran works out (since) there will be production from them," Sylva added.
Months of indirect talks between Iran and the United States to revive a 2015 nuclear deal abandoned in 2018 by then-US President Donald Trump are in their final stage, diplomats have been saying, although some still believe major issues remain to be resolved.
A deal could pave the way for OPEC member Iran to raise its oil exports further, helping to ease what many analysts see as an acute tightness in the oil market.
Brent crude traded just below $100 a barrel on Tuesday, its highest since September 2014, as the possibility of a Russian invasion of Ukraine heightened the risk of supply disruptions.
The letter, which was signed by Western-based secular and liberal groups opposed to the Islamic Republic, addressed the leaders of France, Germany, and the United Kingdom, calling on them to end “the failed and catastrophic policy of negotiating with and appeasing the Islamic Republic”.
They told Emmanuel Macron, Boris Johnson, and Olaf Scholz that the regime with which they are engaged in talks “is the same fundamentalist regime that since its inception 43 years ago, has had terror, hostage-taking, and sabotage, as an integral part of its ideology and nature, and its most important tools for blackmailing the free world”.
Diplomats have said that nuclear talks, which began last April to revive the 2015 nuclear agreement (JCPOA), have made significant progress and a final deal is imminent soon. In case agreement is reached, Iran is set to receive billions of dollars of blocked funds and massive sanctions relief.
The signatories highlighted that the “Islamist revolutionary regime has carried out hundreds of terrorist attacks around world”, emphasizing that it has engaged in killings, bombings, and hostage taking, as well as issuing fatwas (decrees) for murder of innocent people.
This is “the same inhumane, misogynist, and anti-LGBTQ oppressive regime that, despite decades of attempts at dialogue and resolutions by the international community, still enforces medieval Sharia law,” which includes stoning, amputation, and flogging, the letter read.
The opposition groups stressed that the clerical government “carries out large-scale executions and imprisonments, often with the aim of suppressing and silencing political opponents”.
The Islamic Republic soon after its establishment cracked down on opposition and independent groups and has continued to ban civil society initiatives. Practically all opposition has been sent into exile or imprisoned.
They criticized the policy of the West, especially Europe, towards “this anti-Semitic regime,” saying “appeasement and the payment of ransoms in order to normalize and attempt to change the behavior of this inherently abnormal regime” have only emboldened it “in its terrorist activities, criminality, and nuclear and military ambitions”.
The signatories highlighted Iran’s track record of “insolence on the international stage and criminal suppression of the people”, stating that “Nearly two decades of counterproductive negotiations and flawed deals such as the JCPOA have only given the Islamic Republic a chance to buy time. By deceiving the international community, it has brought its nuclear and ballistic missile programs to an irreversible stage”.
Then opposition groups called for action, urging the three European powers “to put aside, once and for all, the failed and catastrophic policy of negotiating”, saying that now when the Islamic Republic is at the lowest level of popular legitimacy in its history it “is the time to choose another policy: Maximum support for the Iranian people to end more than four decades of medieval rule and replace it with a secular democratic system that serves Iran's national interests through peaceful coexistence and cooperation with neighbors and all countries in the world”.
“This is the only way to prevent the world's largest terrorist state from achieving the atomic bomb -- a catastrophe that will plunge the entire region into a nuclear arms race”, they wrote.
They asked the European leaders that instead of the Vienna talks they should “enter into a serious and effective dialogue with the democratic and national opposition of Iran, which wants a free and secular Iran”.
“Sooner or later, the Islamic Republic will be overthrown by the brave and courageous people of Iran, and the day after liberation, the Iranian people will remember who stood by them in difficult times and who aided their oppressors”, they concluded.