After Iran’s oil minister warned Opec was at risk of collapse and said the Islamic Republic would respond to bloc members undermining its raw exports and would have an obvious reference to nations such as Saudi Arabia which have discussed filling the gap in remaining supplies from Iranian shipments.
Bijan Namda Zanganeh after a meeting with the general secretary of opec Mohammad Barkindo in Tehran, according to the oil ministry’s Shana news agency, said that “Iran is a member of OPEC for its own interests and any threat from member states will not remain unanswered “.
His comments come after U.S. narrows its tightening to Iranian oil flows in an effort to cut Islamic Republics’ exports to zero. Missed ropes, coupled with the outages of supplies in Venezuela and elsewhere, have raised the issue of whether the largest OPEC producers have the capacity to keep the market in balance.
Zanganeh last month accused Saudi Arabia and the UAE of exaggerating excess oil capacity. On Wednesday, he censured “the two neighboring states” to express readiness to fill the void of Iranian barrels in the market.
He said: “I told Mr. Barkindo that OPEC is at risk of the unilateralism of some members and organizations and will face the risk of collapse,” not mentioning names.
The United States said last week that it would work alongside Saudi Arabia and U.A.E. to ensure that global markets remain adequately supplied, while restrictions come from Iran.
Saudi Energy Minister Khalid al-Falih said that the kingdom will house Iran’s clients, albeit gradually acting.
The dispute between members of the OPEC Gulf has shaken the organization over the past year.
Qatar announced its exit from the organization in December after more than five decades of membership amid a quarrel with Saudi Arabia that saw the smallest blocked country.
Negotiations between the group on oil production nearly fell that month due to disagreements between Saudi Arabia and Iran.
However, leaving aside Qatari’s departure, OPEC members stayed different for nearly sixty years, despite a series of political conflicts and quarrels, such as the Iran-Iraq war in the 1980s and the conquest of Kuwait by Saddam Hussein in the next decade. /Investing.com