Iran says Saudis, UAE turned OPEC into “tool” for US
Tehran (KNA) - Iran has criticized the Organization of the Petroleum Exporting Countries (OPEC) for allowing Saudi Arabia and the United Arab Emirates to turn the body into a “tool in the hands of the US.”
"It is a fact that OPEC is losing its organizational character and becoming a forum," Kazempour Ardebili added.
Elsewhere in his remarks, Kazempour Ardebili suggested that a deal reached between OPEC and non-OPEC producers in 2017 over production ceilings had already lost effect.
He said some key producers including Iraq, Algeria and Nigeria were already violating the deal and producing much beyond the levels they had agreed on in the deal.
This, the official warned, could eventually enable the member states of the Organization for Economic Cooperation and Development (OECD) to store more oil whereas one of the objectives of the deal was to prevent this from happening given that it could lead to the crash of oil prices internationally.
Source: PressTV