The head of OPEC says the oil cartel must stick together for the good of the global economy as Iran faces renewed U.S. sanctions.
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OPEC Secretary-General Mohammed Sanusi Barkindo says that “Iran is not only a founding member of OPEC, it’s a very important member of this organization.”
He added: “We have no choice but continue to work with all parties.”
He didn’t however address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market. Benchmark Brent crude already is nearing $80 a barrel and some believe it may go even higher.
President Donald Trump, facing a midterm election in the United States, has called for more production.
Barkindo spoke Tuesday at the Gulf Intelligence Energy Markets Forum in Fujairah in the United Arab Emirates.
