Iran Warns It Will Veto OPEC Decisions Harming Its Interests - Bloomberg

Iran Warns It Will Veto OPEC Decisions Harming Its Interests - Bloomberg:

Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran.

Oil Minister Bijan Namdar Zanganeh said the agreement that the Organization of Petroleum Exporting Countries and allied producers reached in 2016 to cut output is in tatters, and an OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply arrangement.

“I will block any OPEC decision that poses the slightest threat to Iran,” Zanganeh said, without specifying possible actions he might take. Any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be “void” and “invalid,” he said. “Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members.”