Advertisment Iran will Oppose any OPEC Decision Threatening its Interests | Iran Energy News Skip to main content
IRAN Energy News Agency
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Iran will Oppose any OPEC Decision Threatening its Interests

Two OPEC members are looking to damage the group and undertake policies against Tehran for the US.

 

Iran said that it would oppose any decision by the Organization of Petroleum Exporting Countries (OPEC) which could harm the country, as some producers are trying to create alternative producer forum that supports US policies against Tehran.

As the output cut deal inked in 2016 between OPEC and non-OPEC allies is now in tatters, OPEC’s Joint Ministerial Monitoring Committee (JMMC) due to meet next Sunday in Algeria is not authorised with imposing a new supply measure, Iranian Oil Minister Bijan Namdar Zanganeh told Bloomberg.

Any decision on a new production agreement would be “void” and “invalid,” as decisions usually are made in the presence of all OPEC members and ‘by consensus of members,” Zanganeh said.

It is worth noting that the current supply cut agreement expires at the end of this year unless producers replace it with a new one.

“I will block any OPEC decision that poses the slightest threat to Iran,” the oil minister stated, without mentioning a particular action he would take.

Zanganeh’s remarks mirror Iran’s concerns over its isolation with OPEC, amid growing partnership between its Middle East rival Saudi Arabia and Russia and intensifying pressure from the US, whose sanctions would target Tehran’s oil sales from 4 November.

“I think Mr. Trump made this decision to bring Iran’s exports to zero without any consultation with any experts, not even in his own government,” he said, adding that Trump “realised lately that this is not doable, so, they are looking for a symbolic export of zero, if they can, even for just one month.”

In addition, Saudi Arabia, OPEC’s de-facto leader, is seen by Iran as aiming to take its market share, while its traditional ally in the producer group is economically embattled.

Two OPEC members are looking to damage the group and undertake policies against Tehran for the US, Zanganeh said, without identifying any specific country.

 

Join us on Telegram Channel."Energy Today"
Google +
Twitter
Facebook
Google Translate
Instagram
Digg
Telegram
Blogger
Linkedin
Pinterest

Add new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Fill in the blank.
49