Iran minister blasts 'certain OPEC members'
Iran’s Minister of Petroleum Bijan Zangeneh says some countries in OPEC are trying to harm other members by driving crude oil prices lower through flooding the market.
The remarks made during a live program on national television were rare from Iran’s top energy bureaucrat who is usually circumspect in his criticism even though he did not mention any country by name.
Saudi Arabia is being blamed for the sagging crude prices which hit a 6.5-year low this week through producing oil at full capacity despite a huge excess of barrels in the market.
Some of the kingdom’s close allies have started to voice unease at the falling prices, with Algeria calling for an emergency OPEC meeting to address the situation.
But Zangeneh said while Iran is not opposed to such a meeting, it regarded an early convention unlikely without consensus among all 13 members.
“Certain OPEC members are not after uplifting the price and are rather trying to harm other members through lower prices,” the minister said.
Zangeneh, meanwhile, made it clear that Iran’s focus for now was to reclaim its oil market share which has shrunk under intensified sanctions.
“With all power, we have to push aside the tyrannical conditions imposed against our country since protecting Iran’s share in OPEC and the global market is among vital parameters for us,” he said.
Iran currently exports above 1 million barrels of oil per day. Zangeneh has already said the country plans to add another million to its export capacity within six months after the removal of the sanctions.
“It is not a problem if our exports double and the price declines by half since we are used to lower prices and living with resilience," he said during the Wednesday night TV program.
“Those who have had excess production and income should be worried. The Iranian government doesn’t have the right to relinquish its historical share in the oil market on the ground that it could bolster the prices,” Zangeneh said.
The minister also lambasted the US, saying “the Americans did all they could to bring down Iran’s petroleum industry” through the sanctions.
“The sanctions are aimed at nothing but crippling the country’s oil and energy industry,” Zangeneh added.
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