OPEC+ deal meaningless without unanimity inside OPEC: Zanganeh

TEHRAN, Jul. 01 (MNA) – Iran’s Oil Minister Bijan Namdar Zanganeh voiced Iran’s support for an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, saying, however, that such an agreement would be meaningless without an internal understanding inside the organization.

Prior to leaving Tehran for Vienna on Monday morning, Zanganeh said, “Most OPEC members are our friends but some, despite the fact that we have never shown them any hostility, have chosen to act as enemies towards the great Iranian nation.”

He said, “Iran supports cooperation with non-OPEC producers, but so long as certain OPEC members create tensions against other members including Iran, an understanding between OPEC and non-OPEC would be meaningless, leaving no space for cooperation and no one would regard contentious OPEC members as bona fide members.”

“OPEC had better ensure understanding between its members first,” he said, adding, “Some neighboring states should stop pugnacity against Iran and appreciate our hand of friendship. Otherwise, and without internal unanimity in OPEC, any other gesture in the origination would be fruitless.”

“An organization, where two members strive to challenge the interests of other members, is doomed to dissolution and talks of OPEC-non-OPEC agreements would be meaningless,” the veteran minister added.

Zanganeh is set to attend the 176th OPEC meeting in Vienna on Monday.

Extending the OPEC+ deal to cut output by 1.2 mbd as well as reducing production by up to 1,800,000 barrels per day are the likely scenarios to be discussed during tomorrow's summit.

The 14 OPEC members will also decide on the new secretary general of the organization; however, most analysts say that Mohammad Barkindo’s post as OPEC secretary general will be extended for another three years.

At the 175th OPEC meeting, 14 members of the organization and their allies decided to reduce their crude oil output by 1.2 mbd to restore the prices and balance the market for a six-month period; a decision that was implemented on January 1, 2019.


News Code 147043


Your Comment

You are replying to: .
  • 4 + 1 =