OPEC must stay together as US sanctions Iran

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OPEC Secretary-General, Mohammed Sanusi Barkindo on Tuesday said that OPEC member countries must stick together for the good of the global economy as founding member Iran faces renewed US sanctions, though he did not address how an already-tight market will make up for the loss of Iranian supply.

He also said an agreement between OPEC and non-members that cut production and helped bring prices back from lows of $30 a barrel in January 2016 was now “a permanent feature.”

Cementing that arrangement would be one of the topics of discussion as OPEC meets this Sunday in Algeria.

 

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