Skip to content
Subscriber Only
Business
Economics

Iran Warns It Will Veto OPEC Decisions Harming Its Interests

  • Minister Zanganeh says some in OPEC are trying to appease U.S.
  • Crude at $80 a barrel is ‘suitable’ price: Iran oil minister
Crude Oil Shipments In The Persian Gulf
Photographer: Ali Mohammadi/Bloomberg
Updated on

Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran.

Oil Minister Bijan Namdar Zanganeh said the agreement that the Organization of Petroleum Exporting Countries and allied producers reached in 2016 to cut output is in tatters, and an OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply arrangement.