Iran’s President Masoud Pezeshkian urged OPEC members to unite in opposition to doable US sanctions on the foremost oil producer after US President Donald Trump stated he would search to drive Tehran’s oil exports to zero.
Pezeshkian made the feedback at a gathering with OPEC Secretary-Common Haitham al-Ghais, a day after Trump signed an government order calling for a “most strain” sanctions marketing campaign on Iran, which he says goals to cease Tehran from acquiring a nuclear weapon.
OPEC’s X account on Wednesday confirmed al-Ghais on a go to to Iran, which assumes the rotating OPEC presidency this 12 months.
“I consider if OPEC members are united and work collectively, the US wouldn’t be capable of sanction and strain considered one of them,” Pezeshkian stated on the assembly with al-Ghais, based on Iranian state media.
Iranian crude oil exports at the moment stand at about 1.5 million barrels per day (bpd) with the bulk going to China. The lack of such a quantity, equal to about 1.4 p.c of complete world provide, could be important for markets.
Pezeshkian additionally laid out methods to counter US sanctions and keep financial stability calling for self-reliance and regional cooperation.
“They suppose that all the things we’ve got is dependent upon oil they usually need to cease our oil exports, whereas there are various methods to neutralise their targets, which we will use to resolve our personal issues and work together with our neighbours and supply an acceptable platform for a dignified life for the individuals of our nation,” he stated.
‘Destabilise oil and power markets’
Trump first imposed the “most strain” marketing campaign on Iran throughout his first time period after withdrawing from the Joint Complete Plan of Motion settlement. Below the deal, struck underneath the administration of former US President Barack Obama, Tehran would curtail its nuclear programme in trade for sanctions aid.
Trump’s actions from 2017 to 2021 noticed a pointy drop in Iranian oil exports to as little as 200,000 bpd in some months of 2020. In 2018, OPEC and allies agreed to spice up provide after Trump urged producers to offset losses attributable to the sanctions on Iran.
Iran’s oil exports rose to the best since 2018 throughout the time period of President Joe Biden, regardless of continued US sanctions.
Iran’s Oil Minister Mohsen Paknejad additionally instructed al-Ghais imposing unilateral sanctions on crude producers would destabilise power markets, the SHANA information outlet reported on Wednesday.
“Depoliticising the oil market is a crucial concern for power safety. Imposing unilateral sanctions in opposition to main oil producers and placing strain on OPEC will destabilise oil and power markets in addition to hurt shoppers world wide,” Paknejad stated.
Paknejad additionally instructed state TV that Tehran had ready methods for any state of affairs relating to US sanctions.
