Iran says it supports OPEC as long as its interests are protected

SectorOil & Gas
CountryMiddle east

Iran supports the Organization of the Petroleum Exporting Countries (OPEC) as long as the group protects Iranian interests alongside other members, Iran's OPEC governor Amir Hossein Zamaninia said on Monday. Sixty years after its formation, OPEC's founding members, Iran and Venezuela, have been sidelined by US sanctions while its kingpin, Saudi Arabia, has shown it would rather appease Washington than risk losing US support, according to current and former OPEC officials. "All OPEC members should denounce, in words and in practice, use of oil as a political tool for imposition of sanctions and pressures on producing countries," Zamaninia was quoted as saying by the oil ministry's news agency SHANA. Iran's share of OPEC output has nearly halved to 7.5% since 2010 while Venezuela's has collapsed to 2.3% from more...