Iran oil minister questions why OPEC decision was made in Osaka and not in Vienna

  
Analysis, Crude
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Comments by Iranian oil minister, Bijan Namdar Zanganeh

Iran oil
  • If OPEC wants to stay relevant, decision should be made at OPEC meetings
  • Says Iran has no difficulty with OPEC output cuts deal extension
  • Says 6 to 9-months extension are acceptable either way
  • But rejects any long-term OPEC+ charter
  • Says unilateral decision by some OPEC member can lead to group’s collapse
  • Sanctions must be lifted as first step towards talks with the US
  • If US wants change, it should respect Iran
He’s mainly alluding to reports that Saudi Arabia and Russia had come to an agreement to extend the OPEC+ output cuts deal for about six to nine months over the weekend, before the OPEC/OPEC+ meetings take place later today and tomorrow.
In either case, most OPEC decisions in the past had long been a “Saudi-led majority” so it doesn’t surprise me that the most influential member of the pact pulls off a stunt like this. After all, they want oil prices higher and at the same time wants to eat into Iran’s market share amid US sanctions.
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