Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said early Tuesday, “we believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m 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.”

"In OPEC...we don’t target a certain price level. All our actions, all our decisions are made in order to have a good balance between global oil demand and global oil supply,” he added.

Market reaction

WTI was last seen trading at $72.43, down 0.70% on the day. The US oil is retreating from intraday highs of $73.38.