TEHRAN (ECOIDEAL)- Iranian Oil Minister Bijan Zangeneh said that the Islamic Republic will veto any decision by the Organization of Petroleum Exporting Countries (OPEC) that would prove to be harmful to its interests.
“I will block any OPEC decision that poses the slightest threat to Iran,” Zanganeh told reporters on Thursday.
He reiterated that OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply arrangement.
"Any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be void and invalid," he said, adding, "Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members.”
“I think Mr. Trump made this decision to bring Iran’s exports to zero without any consultation with any experts, not even in his own government,” he said. “He’s realized lately that this is not doable. So, they are looking for a symbolic export of zero, if they can, even for just one month.”
Zanganeh said he won’t be attending the Algerian JMMC meeting, which is to occur just days before the two-year anniversary of OPEC’s decision to pare production and curb a glut.
“The agreement doesn’t really exist anymore. It’s finished,” Zanganeh said.
Russia initially cut 300,000 barrels a day of production but then added it all back, he said. “There’s no agreement left, really.”
Two OPEC members are seeking to damage the group and carry out “anti-Iranian policies” at the behest of the US, Zanganeh added, without identifying the two countries.
Oil market has been experiencing special conditions in recent months. On one hand, oil prices have followed an upward trend while on the other, US President Donald Trump is imposing oil sanction on Iran and calling on OPEC countries to help his anti-Iran campaign.
Source: Farsnews