The Organization of the Petroleum Exporting Countries, OPEC today said, Iran remains a very important member of the oil cartel as Tehran braces for a new round of US sanctions, partially targeting its crude exports.
The Chief of OPEC, Mohammad Barkindo said that Iran is a very important member of the oil exporting organisation, however, it has no choice but to continue working with all parties.
The OPEC Chief did not specify how crude producers would compensate for declining exports from Iran, with new US sanctions due to hit the Islamic republic’s oil industry on November the 4th.
US President Donald Trump called for OPEC members, primarily US ally Saudi Arabia, to raise their production, and warned importers to stop buying oil from Iran or face American sanctions.
