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Iran warns against unilateralism that could lead to the death of OPEC: Oil Minister



Iranian Oil Minister Bijan Zanganeh believes that "unilateralism" among some OPEC members could eventually lead to the death of the Middle Eastern-dominated farmer community.

OPEC will debate an expansion of cuts in oil production on Monday before the agreement was approved on Tuesday by non-members such as Russia.

Russian President Vladimir Putin said over the weekend that the non-OPEC leader had agreed with Saudi Arabia to extend the supply cuts by at least six months. Meanwhile, Saudi energy minister Khalid al-Falih said on Sunday that the deal would most likely be extended by nine months and no deeper cuts would be required.

Zanganeh told reporters in Vienna, Austria on Monday: "The most important thing for me OPEC remains the OPEC, it has lost its authority and is about to collapse."

"Iran will not leave OPEC. .. But I believe OPEC will die if these processes continue, "Zanganeh said, referring to the Russian-Saudi decision.

OPEC and its allies have reduced oil production since 201

7 to prevent prices from falling as US production increases, making it the world's largest producer of Russia and Saudi Arabia this year

The US is neither a member of OPEC nor participates in the supply pact. Washington called on Riyadh to pump more oil to offset lower exports from Iran after it imposed new sanctions on Tehran for its nuclear program.

The Iranian Oil Minister said that there would be no problem with an expansion of OPEC's production cuts, but warned members that the producer group had not gathered in the Austrian capital to "stamp" an already agreed decision.

Asked why an agreement had been reached at the G20 summit in Osaka, Japan, last week Instead of in Vienna, Zanganeh replied, "This is my question too."

OPEC was not immediately available for comment when contacted by CNBC on Monday morning.

Iran wants OPEC's decisions back to Vienna & # 39; bring.

Iran, which was OPEC's third-largest producer of oil prior to the re-imposition of US sanctions, said it would not support a long-term charter of cooperation between OPEC and outsiders to be agreed this week.

"The Iranians want higher oil revenues, they need higher prices, so they will not oppose agreement, they would advocate a lower cut, but they have stated that they are against this charter agreement, which formalizes non-existence OPEC and OPEC agreement, "said Helima Croft, head of global commodity strategy at RBC, to Dan Murphy of CNBC on Monday.

"It's something the heavyweights in OPEC wanted, so I'd say the Gulf States, Saudi Arabia, the UAE, the big non-OPEC player Russia … That's what they wanted, but I think that's why Iran draws the line in the sand. "

" You basically said that they do not want OPEC decisions to be taken by a small number of countries outside the Secretariat. They want OPEC decisions back to Vienna, back to the OPEC Secretariat and have involved all members in the decision-making process, "said Croft.

– Reuters contributed to this report.


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