Economics
Iran’s Oil Minister Warns That OPEC Collapse Is Likely
- Comments come as U.S. tightens sanctions on Islamic Republic
- Zanganeh says some OPEC nations are undermining other members
May 2: Loss of Iranian Oil Reduces Spare Capacity Cushion, Says Sanford C. Bernstein’s Beveridge
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Iran’s oil minister warned that OPEC is in danger of collapse as some nations seek to undermine their fellow members, an apparent reference to Saudi Arabia’s pledge to fill the supply gap created by U.S. sanctions on Iranian exports.
"Iran is a member of OPEC for its interests and any threat from member states won’t go unanswered," Bijan Namdar Zanganeh said after a meeting with OPEC Secretary General Mohammad Barkindo in Tehran on Thursday, according to the oil ministry’s Shana news agency.