Iran will stay in the Organization of the Petroleum Exporting Countries despite some of the member states hostility, the Oil Minister said.
According to the parliamentary news website ICANA, Bijan Namdar Zanganeh regretted that some OPEC members have turned the organization into a political tool to oppose two founding members -- Iran and Venezuela.”
The minister said two governments in the Middle East are showing increasing hostility against Iran. “We are not their enemy, but they are showing hostility towards us and are using oil as a weapon in the global market.”
“We have always said that the oil market should be apolitical and not be used as a weapon because doing so will harm OPEC and its members. I believe that these countries will engineer the end of OPEC. We want OPEC to survive and persevere.”
Although Zanganeh did not name names, it was obvious that he was referring to Saudi Arabia and the United Arab Emirates.
Tensions between the two staunchly pro-US Arab monarchies and Tehran spiked early this year after they said they would increase oil production to make up for Iranian crude cut off from the market due to the new US sanctions.
Last May President Donald Trump announced his withdrawal from the landmark nuclear deal Iran had signed with world powers in 2015 and rolled out a new sanctions regime on Iran’s oil exports.
One of the founding members of OPEC, Venezuela has the world's largest proven oil reserves at an estimated 297 billion barrels (20% of global reserves).
In 2008, crude oil production in Venezuela was the 10th highest in the world and the country was also the 8th largest net oil exporter in the world.
However, the United States in January imposed sanctions on Venezuela oil. Since then, its oil exports - accounting for more than 95% of the country’s export revenue - have dropped by 40%.
