Iran says no OPEC member can replace its oil exports

Iran on Sunday told OPEC that no member country of the oil-producing group should be allowed to take over another member’s share of exports, according to a report on SHANA, the Iranian oil ministry’s news agency.

In a meeting with OPEC Secretary-General Mohammad Barkindo, Iranian diplomat Kazem Gharibabadi urged the group to remain apolitical. 

“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” Gharibabadi was quoted as saying.

In a separate statement on SHANA, the Iranian oil ministry noted the country is currently exporting about 2.5 million barrels per day of oil, and taking these out of the market “would create a void which may not be filled easily.”

Moreover, any decline in or halt to Iran’s exports would affect global oil supply, which in turn would drive up prices.

“Oil prices will be on the receiving end of any such pressure on the market, which would definitely face strong opposition from big consumers like China and European nations,” the statement said.

US President Donald Trump’s administration in May pulled out of an international nuclear deal with Iran and announced sanctions against the Middle Eastern nation.

The US is pushing allies to stop importing Iranian crude and will introduce a fresh round of sanctions on Iranian oil in November.