OPEC faces the risk of collapse, says Iranian Minister
Iranian Oil Minister Bijan Namdar Zanganeh today warned that OPEC is in danger of collapse as some nations seek to undermine their fellow members, an apparent reference to Saudi Arabia’s pledge to fill the supply gap created by U.S. sanctions on Iranian exports.
“Iran is a member of OPEC for its interests and any threat from member states won’t go unanswered,” Bijan Namdar Zanganeh said after a meeting with OPEC Secretary General Mohammad Barkindo in Tehran on Thursday, according to the Oil Ministry’s Shana news agency.
His comments come as US President Donald Trump tries to cut the Islamic Republic’s oil exports to zero, backed by a promise from Saudi Arabia and its Gulf allies to increase production to ensure the squeeze doesn’t create a supply shortage.
