Iran to veto OPEC decisions harming its interests

Iran to veto OPEC decisions harming its interests

Iran will veto any OPEC decision that harms its interests and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran, the Islamic Republic's oil minister Bijan Namdar Zanganeh said.

"I will block any OPEC decision that poses the slightest threat to Iran," Iran's oil minister said. He stressed that any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be "void" and "invalid". 

"Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members," Bloomberg cited Zanganeh as saying.

According to the minister, oil at $80 a barrel is a "suitable" price.

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