OPEC members at their next regular meeting in June should prioritize measures aimed at protecting members targeted by sanctions, Iran's oil minister said.

The Iranian government is busy courting European, Russian and Chinese leaders for continued support of the U.N.-backed agreement that offered sanctions relief in exchange for nuclear commitments from Tehran.

U.S. President Donald Trump pulled his country out of the agreement May 8, meaning U.S. sanctions pressures could force the deal to collapse without effective counter measures.

Iranian Oil Minister Bijan Zangeneh called on his Emirati counterpart to put a sanctions measure on the agenda for the next regular meeting for members of the Organization of Petroleum Exporting Countries in June.

The minister pointed to Article 2 of the OPEC statute that states that regard should be given "at all times" to the interests of oil producing nations in terms of steady income and a regular supply of oil for consuming nations.

"Tehran, once the illegal limitations were resolved, reserves the right to return to its oil market share in the shortest possible time and resume its normal production-level and that it would not accept any limitations in that regard," Zangeneh argued, according to a reading of the letter by his ministry's news website, SHANA.

The United Arab Emirates holds the rotating presidency of OPEC.

Iran had relief from an OPEC arrangement to balance an oversupplied market with production cuts so it could regain a market share lost to sanctions in place before the U.N.-backed nuclear agreement. After Trump left the deal, the price of oil reached a four-year high because of the potential for lost Iranian barrels. Since then, parties to the OPEC-led effort have signaled they could put more oil on the market in the second half of the year.

Zangeneh said oil clients in India and China have yet to express reservations, though Iranian ambitions to reach 4.2 million barrels in daily production could be out of reach.

During a May meeting in Tehran, European Climate Action and Energy Commissioner Miguel Arias Cañete said both sides would strengthen ties "at all levels."

Torbjorn Soltvedt, the principal regional political analyst for Verisk Maplecroft, said China, one of Iran's largest oil consumers, may be "well beyond the reach of Washington."

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Senegal's oil has good break-evens
Washington (UPI) May 30, 2018
There is a strategic interest emerging in oil from offshore Senegal, where a project can break even at $35 per barrel, the chairman of developer FAR Ltd. said. FAR is an Australian company, but has West African oil basins at the core of its portfolio. The company and its joint venture partners in March completed a geotechnical study of a 2,900 square mile permit area off the coast of Senegal that includes the flagship SNE oil discovery. The results revealed another 198 million barrels to the es ... read more