Speaking exclusively to CNN’s John Defterios, Secretary General of OPEC Mohammed Barkindo discussed the influence of recent Iran sanctions on OPEC and whether the country now has undue influence over the organisation

Key Quotes:

Mohammed Barkindo on the Iranian position that America, Russia and Saudi Arabia has taken the oil market ‘hostage’:

“Whatever happens either on the supply side or the demand side has a ripple effect across the spectrum and without OPEC, God who is going to confront that? Iran, other producers have a leading role to play in that regard.”

On why OPEC is a necessary organisation:

“Now they are calling on OPEC to ensure there is no supply crisis- to ensure there is ample supply in the market so that consumers are not unnecessarily punished… Whatever effects the free flow of trade will ultimately impact on growth and hence the revision that we are beginning to see, not only on demand but also on GDP”

On the US taking deals to fill an oil gap left by Iran:

“To take decisions that would be implemented is beyond them, they need OPEC, they need the OPEC/Non-OPEC in the declaration of operation and hence our determination to institutionalise this cooperation to get a permanent framework hopefully by December. We have to continue to be ahead of the curve on top of the issues and if needs be also take collective action, it is not the responsibility of one or two producers to take decision on behalf of the whole group.”

 

Source: Ketchum Raad