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 edged higher after a mixed US inventories report, with traders also focused on the broader outlook for supply as OPEC+ presses on with output increases and American production expands. West ...
Brent crude oil futures rose from post-settlement levels Tuesday after the American Petroleum Institute reported a mix inventory report as weekly domestic crude inventories increased by more than expe...
Oil prices were steady on Tuesday (October 7th) as investors assessed a smaller-than-expected OPEC+ production increase in November amid expectations of oversupply. Brent crude futures fell 9 cents, ...
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices. West Texas Intermediate traded...
WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saud...
Wednesday, October 8, 2025 - The Australian dollar weakened to around US$0.656, extending its decline as the US dollar continued to strengthen. Safe-haven demand for the greenback increased as the US government shutdown entered its second week,...
The Hong Kong stock exchange plunged after a long holiday. The Hang Seng opened down 57 points (26,900), was hit by intense selling to 26,520, and closed down 380 points (-1.41%) at 26,577. The China Enterprise Index ended down 1.5% (9,429), while...
Wednesday, October 8, 2025 - The Nikkei index moved flat at 47,937.70, as gains in heavy industry and pharmaceutical stocks offset the decline in chip companies. The IHI rose 4.3% and Daiichi Sankyo strengthened 3.5%, while Tokyo Electron fell 1.6%...
Asian stocks surged to new highs, led by Japan's Nikkei 225, which surged more than 4% following the election of pro-stimulus lawmaker Sanae...
Hamas officials were in Egypt on Monday (October 6th) ahead of talks with Israel that the US hopes will lead to an end to the war in Gaza and the...
The S&P 500 and Nasdaq Composite closed at record highs on Monday, spurred by optimism about increased mergers and acquisitions activity after...
Euro Area Stock MarketEuropean stocks closed mostly lower on Monday as fresh political turmoil in France rekindled concerns of fiscal instability...