Opec chief says cartel must stick together amid sanctions on Iran
The body’s secretary-general insisted Iran is an important member.
The head of Opec has said the oil cartel must stick together for the good of the global economy as Iran faces renewed US sanctions.
Opec secretary-general Mohammed Sanusi Barkindo said: “Iran is not only a founding member of Opec, it’s a very important member of this organisation.”
He added: “We have no choice but to continue to work with all parties.”
➡ The #global #GDP growth forecast remains at 3.8% for 2018 and 3.6% for 2019.— OPEC (@OPECSecretariat) September 16, 2018
➡ In the #OECD, #growth in the #US is assessed unchanged at 2.9% in 2018 and 2.5% in 2019. #MOMR pic.twitter.com/ClI55hY8JU
Mr Barkindo did not, however, address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market. Benchmark Brent crude is already nearing 80 US dollars a barrel and some believe this figure may go even higher.
US president Donald Trump, who is facing a mid-term election in the autumn, has called for more production.
Mr Barkindo spoke at the Gulf Intelligence Energy Markets Forum in Fujairah in the United Arab Emirates.