OPEC chief says Iran still ‘very important’ as US sanctions loom


OPEC chief says Iran still ‘very important’ as US sanctions loom

The head of OPEC said Tuesday that Iran remains “a very important member” of the oil cartel, as Tehran braces for a new round of US sanctions partially targeting its crude exports.

“Iran is a very important member of OPEC… and we have no choice but to continue working with all parties,” Mohammad Barkindo said at the Gulf Intelligence Energy Forum in the emirate of Fujairah.

Iran remains “a very important exporter of oil,” said the chief of the Organization of the Petroleum Exporting Countries.

He did not specify how crude producers would compensate for declining exports from Iran, with new US sanctions due to hit the Islamic republic’s oil industry on November 4.

Iran’s OPEC governor Hossein Kazempour Ardebili said Saturday that OPEC had “not much credit left” and slammed Gulf powerhouses Saudi Arabia and the United Arab Emirates for turning it into a “tool for the US”. Read More

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