• Mon / 1 July 2019 / 12:57
  • Category: Politics
  • News Code: 98041005035
  • Journalist : 71477

Unilateralism leading OPEC’s death: Zanganeh

Unilateralism leading OPEC’s death: Zanganeh

Tehran (ISNA) – INSTEX should be funded vie revenue of Iranian oil exports, otherwise it can’t work properly, Iranian Oil Minister Bijan Zanganeh said Monday.

Upon his arrival to Vienna, Zanganeh told reporters, “I have no difficulty with extending output cuts by six to nine months. Currently, ‘unilateralism’ is the biggest threat to the OPEC”.

“Iran won’t leave OPEC but I believe OPEC is going to die if these processes continued,” he warned, referring to the increased influence of the Russia-Saudi energy alliance at the expense of other members of the cartel.

“OPEC members should consult amongst themselves first on oil policy before striking deals with producers outside the bloc. ‘Unilateralism’ dictated by one or two countries from outside OPEC is the biggest threat to the group. For OPEC to survive, decisions should be made within the group at the HQ in Vienna and not by outside powers,” he added

“Without the unity of OPEC, it is meaningless to plan cooperation between OPEC member states and non-members,” Zanganeh noted. “Iran supports cooperation with oil exporters outside OPEC, but as long as some members of OPEC have tensions against other members, such as Iran, OPEC's understandings with non-OPEC are meaningless and there is no room for cooperation.”

Members of Organization of the Petroleum Exporting Countries (OPEC) are meeting Monday afternoon to decide on next steps, with the non-OPEC participants joining talks on Tuesday.

End Item

Follow us on Twitter @Isna_Int


You are replying to: .