Iran calls for OPEC to unite against potential US oil sanctions

Iranian President Masoud Pezeshkian has called on OPEC member states to unite and jointly counter potential sanctions imposed by the United States on the major oil-producing nation. This comes after U.S. President Donald Trump stated his intention to drive Iran's oil exports down to zero, further escalating tensions.

Pezeshkian made these remarks during a meeting with OPEC Secretary-General Haitham Al Ghais. The meeting occurred a day after Trump signed an executive order calling for "maximum pressure" sanctions on Iran, claiming the aim was to prevent Iran from obtaining nuclear weapons. OPEC's official X account posted a message on Wednesday indicating that Ghais was visiting Iran, which holds the rotating OPEC presidency this year, highlighting the importance of the discussions.

According to Iranian state media, Pezeshkian stated during the meeting with Ghais: "I believe that if OPEC member states are united and work together, the United States will not be able to sanction and pressure any of its members." Iran's current crude oil exports are approximately 1.5 million barrels per day (bpd), with a significant portion exported to China, a crucial trading partner. Such a substantial loss in exports, equivalent to about 1.4% of total global supply, would have a significant impact on the market, potentially disrupting global energy supplies.

Pezeshkian also outlined strategies for coping with U.S. sanctions and maintaining economic stability, advocating for self-reliance and regional cooperation. He stated: "They think that everything we have depends on oil, they want to stop our oil exports, but there are many ways to defuse their goals, and we can use these methods to solve our own problems, interact with our neighbors, and provide a suitable platform for the dignified life of our country's people." This approach emphasizes diversification and collaboration to mitigate the effects of external pressures.

Trump initially implemented the "maximum pressure" campaign on Iran during his first term, after withdrawing from the Joint Comprehensive Plan of Action (JCPOA) agreement. Under the agreement reached by the previous U.S. President Obama administration, Tehran would limit its nuclear program in exchange for the lifting of sanctions. From 2017 to 2021, Trump's actions led to a sharp decline in Iranian oil exports, falling to as low as only 200,000 bpd in some months of 2020. In 2018, OPEC and its allies agreed to increase supply after Trump urged producers to offset losses caused by sanctions on Iran, demonstrating the global impact of these policies.

Despite continued U.S. sanctions, Iran's oil exports rose to their highest level since 2018 during President Joe Biden's term. Iranian Oil Minister Mohsen Khojasteh Mehr also told Ghais that imposing unilateral sanctions on crude oil producers would destabilize energy markets. Khojasteh Mehr stated: "Depoliticizing the oil market is an important issue for energy security. Imposing unilateral sanctions on major oil producers and putting pressure on OPEC will destabilize the oil and energy markets and harm consumers around the world." Khojasteh Mehr also told state television that Tehran was prepared for any scenario in response to U.S. sanctions, highlighting Iran's readiness to navigate challenging circumstances.