Iran warns OPEC on political involvement

Diplomat is quoted by state news agency as saying cartel should keep out of political agendas.

Iran's oil industry is set to take a major hit once sanctions bite in November.
Iran's oil industry is set to take a major hit once sanctions bite in November.

An Iranian diplomat has urged Mohammed Barkindo, the secretary general of the Organisation of the Petroleum Exporting Countries (OPEC), to make sure the oil cartel stays out of the political agenda of other member countries and should not subsequently allow them to take over the share of exports of another state, according to Reuters citing SHANA, the news agency of the Islamic republic’s oil ministry.

Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organisations, according to Reuters, is quoted as saying: “No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions.”

Iran has asked OPEC to support it in its stand against the implementation of US sanctions and Tehran has declared that it is not yet in agreement with Saudi Arabia’s assertion global supplies need to be spiked.

US President Donald Trump’s decision to exit the Joint Comprehensive Plan of Action (JCPOA) in May has already led to the imposition of a number of sanctions and many international firms have pulled out of deals with Iran. It is likely the country’s oil supply will be severely curtailed in November and around 500,000 barrels per day of crude oil will be withdrawn from the market.

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