Tuesday, 17 September 2019

Iran has no plans to leave OPEC despite tensions

AFP

GENEVA: Iran has no  plans to leave the Organization of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in an interview published.

“Iran has no plans to leave OPEC…and regrets that some members of OPEC have turned this organization into a political forum for confronting two founding members of OPEC, meaning Iran and Venezuela,” Zanganeh told the Iranian parliament news site ICANA.

“And two regional countries are showing enmity toward us in this organization.

We are not their enemy but they are showing enmity toward us…and (they) use oil as a weapon against us in the global market and world.”

Tensions between Iran and Saudi Arabia and the United Arab Emirates – both U.S. allies – have spiked this year after the two said they would increase oil production to make up for Iranian crude cut off from the market by U.S. sanctions.

On Friday, U.S. President Donald Trump’s administration added Iran’s largest petrochemical holding group to its sanctions list, accusing it of indirectly supporting Tehran’s Revolutionary Guards. Washington said the move aimed to dry up revenues to the elite Iranian military force but analysts called it largely symbolic.

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