The Organization of Petroleum Exporting Countries (OPEC) has more important issues to consider than the US decision to withdraw from the 2015 nuclear agreement with Iran, United Arab Emirates Energy Minister Suhail Mohamed al-Mazrouei stated on May 17, Reuters reported.
“I’m not worried about what is happening regarding sanctions on some of the member countries, and how these events are going to affect how OPEC looks or deals with things,” Mazrouei said to Emirates state news agency WAM.
“It is a non-political organization, and that’s the beauty of this group,” he continued, alluding to more significant OPEC issues such as Venezuela’s continued decline in oil production , an issue that OPEC is “managing well.”
On May 8, US President Donald Trump announced that the US would withdraw from the 2015 Iran nuclear deal, and re-impose sanctions on the Islamic republic. US national security adviser, John Bolton, told reporters that companies will be given between 90 and 180 days to end their commercial agreements with Iranian entities, according to Reuters.