Saturday, 9 June 2018

OPEC likely to reject Iran request for discussion of U.S. sanctions

OPEC is likely to reject a request by Iran to discuss U.S. sanctions against Tehran at this month’s meeting of the oil producer group, a source familiar with the matter told Reuters.

Iran’s OPEC governor Hossein Kazempour Ardebili asked the chairman of the OPEC board to include a sanctions debate in the agenda for the June 22 talks, according to a copy of Kazempour's letter dated June 2 and seen by Reuters.

Last month, Iranian oil minister Bijan Zanganeh asked OPEC to support it against new U.S. sanctions and signalled Tehran disagreed with Saudi Arabia's views on the possible need to increase global oil supplies.

"I would like to ... seek OPEC’s support in accordance with Article 2 of the OPEC Statute, which emphasises safeguarding the interests of member countries individually and collectively," Zanganeh wrote last month in a letter to his United Arab Emirates counterpart, who holds the OPEC presidency in 2018.

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