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3 May, 2019 15:25

OPEC ‘likely to collapse’ thanks to some members’ unilateralism – Iran’s oil minister

OPEC ‘likely to collapse’ thanks to some members’ unilateralism – Iran’s oil minister

The Organization of the Petroleum Exporting Countries (OPEC) is on the brink of collapse because some countries in the cartel fail to support the efforts of the organization, Iran’s top energy official has warned.

“OPEC is being threatened due to unilateralism by certain members and this organization is likely to collapse,” Iranian Oil Minister Bijan Zangeneh said, as cited by Shana, as he met OPEC Secretary-General Mohammed Barkindo in Tehran.

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The minister apparently referred to a fellow OPEC member and one of the leading world oil producers, Saudi Arabia. Shortly after the US announced the suspension of temporary sanctions waivers, which had allowed several states to continue buying Iranian crude, the kingdom was quick to say that it is ready to fill the gap in the market if consumers ask for it.

Zangeneh added that Tehran is ready to stand for its interests as a member of the cartel, saying that “if certain OPEC members want to threaten and endanger Iran, Iran will not refrain from responding to them.”

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On Friday, global benchmark prices slid to nearly one-month lows. It came shortly after a US government report revealed an almost-10 million-barrel surge in domestic crude stockpiles.

Last year, OPEC members and allied leading oil producers, led by Russia, agreed to reduce output by 1.2 million barrels per day in an effort to boost the oil market. The deal can be further extended until the end of the year if necessary, officials stressed earlier.

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