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.”
â¡ The #global #GDP growth forecast remains at 3.8% for 2018 and 3.6% for 2019.— OPEC (@OPECSecretariat) September 16, 2018
â¡ 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.