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OPEC warns of consequences of sanctioning Iran’s oil exports

Tehran, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) has expressed concern over putting global oil supplies at risk through sanctioning Iran's oil exports.

According to Bloomberg News Agency, unilateral US sanctions on oil sales by Iran, which will take effect on November 4, have already had a bad effect on the country's oil exports.

At a news conference in the United Arab Emirates city of Fujairah on Tuesday, Mohammad Barkindo, the OPEC Secretary General said Iran is a very important' producer and exporter of oil.

When you have major producers facing supply challenges, it's of concern for OPEC and consumers alike,' he went on to say.

Since the beginning of the year, crude oil has been averaging about $72 per barrel.

Last week, the International Energy Agency (IEA) warned if other producers could not make up for Iran-Venezuela oil production shortfall, oil prices would rise to more than $80 a barrel.

Trade war between the US and China (largest oil consumers in the world) may reduce global oil demand, IEA said.

In August, Venezuela's oil production fell to 1.235 million barrels per day.

Iran's crude oil production also fell to 3.184 million barrels a day last month, which is 150,000 barrels a day less than the previous month.

Source: Islamic Republic News Agency - IRNA


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