Commodities

Iran Says No Country Should Replace Other OPEC Member To Export More Oil

The global leader in the oil industry, Iran cleared to the Organization of the Petroleum Exporting Countries (OPEC) that no member of the group should be permitted to take away other member’s share oil exports. Iran expressed concerns about Saudi Arabia’s offer to pump up more oil in face of the U.S. sanctions on Iranian oil sales. Moreover, a senior Iranian diplomat, Mohammad Barkindo, urged OPEC secretary to keep the group out of politics.

In May, the U.S. President made a huge move to start a global trade war. He pulled out of an international nuclear deal with Iran and declared sanctions against the OPEC members. America is trying to cut imports of Iran to zero and is ready to go to any lengths to achieve that. Imposing new round of sanctions on Iranian oil sales is just a beginning. Iran is the third-largest oil producer in OPEC after Iraq and Saudi Arabia.

The U.S. Trade War Bringing Down The Economies

One way to decrease the Iranian export is to pump up more oil by other OPEC members. The energy minister of Saudi Arabia–who is the prime ally of the U.S. in this trade war–and of Russia stated in May that they were ready to ease output cuts to calm consumer worries about supply. The unfriendly relations of Saudi Arabia and Iran are not secret, and the entire trade war is based on it.

Iran and other signatories of the nuclear deal, including France, Britain, Russia, Germany, and China have been finding a solution to salvage the agreement regardless of the U.S. pressure. Moreover, Iran’s vice president explained that the government is looking for a solution to sell oil and transfer its sales.

As per reported by livemint, Kazem Gharibabadi, the permanent envoy to Vienna-based international organizations, stated the no country is allowed to the over the share of other OPEC member for production and exports of oil at any cost. Moreover, the OPEC ministerial conference has not issued any license for such action.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Swamini Kulkarni holds a Bachelors Degree in engineering and works as a content writer. She is deeply fascinated by technological advancements and the trending topic.

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