Iran Says OPEC Agreement Deals Further Blow to US

OPEC Fund Earmarks $500,000 to Help Iran Fight COVID-19

Iranian President Hassan Rouhani says the US sustained another defeat after the member states of the Organization of the Petroleum Exporting Countries (OPEC) reached consensus on new cuts.

In an address to a cabinet session on Sunday, Rouhani said the US once failed to press ahead with its meddlesome policies in the world after leading oil exporters reached consensus on creating a new balance in oil supply in the world.

“Despite its efforts, the US once again failed to press ahead with its meddlesome policies due to the resistance of the OPEC member states and their allies as well as the leading role played by Iranian Oil Minister Bijan Zanganeh to make coordination among them, ” he added.

He made the remarks after Zanganeh briefed the cabinet ministers on the latest decision made during Friday meeting of the OPEC in Vienna.

OPEC finally managed to break an impasse over production cuts and agreed on a larger-than-expected cut with allies after two days of hard negotiations.

Despite the US pressures, the member states and their allies reached consensus on removing 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden.

Iran emerged as a winner from the contentious talks, saying it’s secured an exemption from cuts as it suffers the effects of US sanctions.

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