Iran warns it will veto OPEC decisions that harm its interests

Baku. 20 September. REPORT.AZ/ Iran said it will veto any OPEC decision that harms the Islamic Republic, said Oil Minister Bijan Namdar Zanganeh, Report informs citing Bloomberg.

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.

Any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be “void” and “invalid,” he said. “Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members.”

Zanganeh will not participate in the meeting of OPEC+ committee to be held on September 23 in Algeria.