Iran's President Masoud Pezeshkian has called for solidarity among OPEC members in response to potential U.S. sanctions that could target the country's oil exports. This appeal came after U.S. President Donald Trump announced intentions to renew his "maximum pressure" campaign on Iran, which could significantly impact global oil supply.
At a meeting with OPEC Secretary General Haitham Al Ghais, Pezeshkian stressed the importance of unity within the organization to withstand possible U.S. sanctions. The Iranian president highlighted that collaborative efforts could prevent the U.S. from exerting pressure on individual OPEC members. The meeting took place amid discussions on the stability of the oil market, with Iran currently holding the rotating OPEC presidency.
Iran, a major oil producer, exports approximately 1.5 million barrels per day, primarily to China. These exports account for about 1.4% of the world's total oil supply. The potential loss of Iranian oil due to U.S. sanctions could have a significant effect on the market. During Trump's previous term, similar sanctions policies caused a drastic reduction in Iranian oil exports, which dropped to around 200,000 barrels per day in some months of 2020.
Amid these developments, Iranian Oil Minister Mohsen Paknejad conveyed to Al Ghais that unilateral sanctions on crude producers would lead to instability in energy markets and harm consumers globally. He emphasized the need to depoliticize the oil market to ensure energy security. Paknejad also addressed the challenges faced by the global oil market, particularly concerning upstream investment, and mentioned that Tehran has prepared strategies to cope with any scenario arising from U.S. sanctions.
Paknejad's remarks and the meeting with OPEC's secretary general underscore Iran's proactive approach to strengthening its position within OPEC and the broader energy market. The Iranian oil minister, who was elected as president of the OPEC Conference for 2025 in December, reiterated the country's readiness to face potential challenges in the energy sector.(Cay) Newsmaker23
Source: Investing.com
Oil is on track for the biggest weekly gain since mid-June after President Donald Trump ramped up pressure on Russia, as the market braced for the fallout from US tariffs that take effect on Frid...
Oil prices declined on Thursday as U.S. President Donald Trump's August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S. Bre...
Oil prices held gains this week as traders grappled with President Donald Trump's threat to impose punitive tariffs on Russian energy buyers. West Texas Intermediate crude oil prices were little chan...
Oil prices were little changed on Thursday (July 31st) as investors weighed supply risks stemming from US President Donald Trump's push for a swift resolution to the war in Ukraine through additional ...
Oil steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies f...
Gold prices were muted around $3,290 per ounce on Friday and were on track for its worst weekly performance since late June, pressured by a stronger US dollar following President Trump's introduction of higher tariffs on multiple countries. Trump...
The Australian dollar stabilized around $0.643 on Friday, halting a six-day losing streak as Australia avoided the latest US tariff hikes, with most imports remaining subject to the 10% rate. On Thursday, President Trump issued an executive order...
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further. The Bank of Japan (BoJ) revised up its inflation forecasts on Thursday and offered a...
European stock markets closed higher in Tuesday trading as the Stoxx Europe 600 was up 0.33%, Germany's DAX climbed 1.03%, the FTSE 100 gained...
US stocks maintained modest gains on Tuesday (July 29) as the market digested a series of earnings reports ahead of key economic developments. The...
The Dow Jones Industrial Average (DJIA) softened on Tuesday, falling back for a second straight day as bullish-prone equity markets pivot into a...
Asia-Pacific markets traded mixed Thursday as investors assessed the U.S.′ blanket 15% tariffs on imports from South Korea and awaited details on...