Saudi-Iranian Tension Expected in OPEC’s June Meeting

Saudi-Iranian Tension Expected in OPEC’s June Meeting

Iran has stated that it doesn’t support Saudi Arabia’s desire to increase global oil supplies, Reuters reported.

Tehran’s statement is expected to cause tension between Organization of the Petroleum Exporting Countries (OPEC) members who are meeting in June.

Iran also disagrees with OPEC ministers who implicitly spoke for the organization, expressing views that might be perceived as the official position of OPEC, Iranian Oil Minister Bijan Zanganeh said in a letter.

Zanganeh was referring to comments made by the energy ministers of Saudi Arabia and Russia regarding a reduction in production cuts.

The letter was addressed to United Arab Emirates Energy Minister Suhail al-Mazrouei, who holds the OPEC presidency in 2018.

Iran is currently seeking OPEC’s support following the US decision to reimpose sanctions. “”I would like to … seek OPEC’s support in accordance with Article 2 of the OPEC Statute, which emphasizes safeguarding the interests of member countries individually and collectively,” the letter continues.

Zanganeh asked Mazrouei to add a meeting entitled “OPEC Ministerial Conference support to the Member Countries that are under illegal, unilateral and extraterritorial sanctions” to the June OPEC meeting agenda.

Mazrouei gave Iran two options. OPEC governors can either review the request and add it to the agenda for an OPEC meeting possibly being held in November of this year, or the topic can be included in the June OPEC meeting when members discuss “any other business”.

 

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