June 01, 2018 18:28

OPEC Needs to Safeguard Interests of Member States

Iran is seeking the support of fellow OPEC members against the returning US sanctions and wants the issue on the agenda of the meeting in June

Oil prices have hit their highest since late 2014, rising above $80.50 a barrel this month.

Article 2 of the OPEC Statute emphasizes safeguarding the interests of member countries individually and collectively

Oil Minister Bijan Namdar Zanganeh has called on UAE Minister of Energy and Industry Suhail Mohammed Al Marzouei to include in the June 22 meeting of the organization in Vienna ways and means to support OPEC members targeted by sanctions.

“I would like to ... seek OPEC’s support in accordance with Article 2 of the OPEC Statute, which emphasizes safeguarding the interests of member countries individually and collectively,” Zanganeh was quoted as saying by Shana.

Al Mazrouei will hold the OPEC presidency this year and will be chairing the upcoming meeting.

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