Iran OPEC Clash

Minister of Petroleum Bijan Zangeneh said after his talks with  OPEC  Secretary-General Mohammed Barkindo in Tehran on Thursday.

“Iran is part of OPEC due to its interests and if members of the organisation seek to threaten it, Iran will not leave them unanswered,” Zangeneh underscored.

Iran minister added that he had told Barkindo that OPEC, in turn, is damaged by “the unilateralism of some of its members and that it’s possible that the organisation may collapse”.

Additionally, Zangeneh accused “certain” OPEC members of exaggerating their capacities to compensate for any shortfall in the oil supply caused by a tightening of US sanctions on Iran, aimed to zero out Iran’s oil exports.

“As I have already said, the US wishes to cut Iran’s oil exports to zero but this is a pious hope. Any independent market expert knows that a surplus of capacities declared by certain countries is exaggeration and overstatement”, Zangeneh told the opening of the 24th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on Wednesday.

This development comes after US Secretary of State Mike Pompeo recalled that Washington would not renew any exemptions from US sanctions on buyers of Iranian oil, and that he had received a commitment from Saudi Arabia and the UAE ensuring that oil supplies will remain stable.

The six-month waivers from oil sanctions against Iran were granted by the US in early November 2018 to Greece, Italy, Taiwan, China, India, Turkey, Japan, and South Korea.

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