The global market for oil will remain balanced when Iran reaches its full export potential even if that means cuts from OPEC members, an envoy said. Mehdi Assali, the Iranian envoy to the Organization of Exporting Countries, told the Oil Ministry’s news agency, Shana, equilibrium would prevail . “The market will continue to remain balanced [event] after Iran’s return,” he said. “[Fellow OPEC members] will have to cut their production so that Iran’s return would not cause a drop in the prices.” Iran holds the third-largest proven oil reserves among OPEC member states, behind Venezuela and Saudi Arabia, respectively. Under the terms of a joint deal reached in November 2013, oil exports are limited to around 1 million […]