Baku faithful to OPEC agreement even after US anti-Iran sanctions: Minister

Baku, Oct 21, IRNA – Azerbaijan will continue its activities within the framework of the output deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members even after US re-imposition of sanctions on Iran, Azeri energy minister announced.

It is two years that the Baku cooperation continues within the framework of the OPEC and non-OPEC agreements, Parviz Shahbazov told reporters, the REPORT news website released the news on Sunday.

At present, Baku is witnessing positive outcome of that cooperation, Shahbazov said.

The United States has been encouraging the OPEC members to ignore the Organization agreement and increase output in order to put pressure on Iran as Washington has given 90 to 180 wind-down period to other countries before it starts re-imposing sanctions on Tehran on November 4.

As the Azeri minister said, Baku will play its role in promoting OPEC.

He added that his country’s activities based on the non-OPEC agreement will provide new conditions for investment in oil industry and help development of this area.

US President Donald Trump is trying to bring Iran’s oil export to zero, and this is while some buyers of the Iranian oil are after sanctions waiver as Trump has decided to grant exemption.

Iran is a key member of OPEC, so the US sanctions against the country will create tension in the oil market.

Following its anti-Iran bans, US encourages other oil producers including Russia and Saudi Arabia to raise output and fill Iran oil shortfall.

In related development, the international news agency of Reuters reported from four sources on October 3 that “Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers.”

Trump says OPEC is guilty of the high oil prices and demanded for increasing output till the start of the 2018 United States House of Representatives elections in November 6.

“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump has recently written on Twitter.

Later, Iran’s Petroleum Minister Bijan Zangeneh commented on Trump’s twitter post saying that OPEC is an independent body and is not a branch of the US Department of Energy.

Trump’s remarks were an insult to the nations and also to the US friends in the region, Zangeneh noted.

Zangeneh has stressed the importance of suspending anti-Iran sanctions which will be the best solution to not witnessing higher oil prices.

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