Oil min. warns unilateral sanctions destabilize oil market

Iran’s Oil Minister Mohsen Paknejad met Secretary-General of Organization of Petroleum Exporting Countries (OPEC) Haitham al-Ghais on Wed., saying unilateral sanctions against major oil producers threaten global energy market.

News ID: ۲۰۰۰۷۹۵

05 February 2025

EghtesadOnline: Paknejad stated that depoliticizing the oil market is critical for energy security, particularly for the oil market and its stakeholders.

He argued that imposing unilateral sanctions on major oil producers and pressuring OPEC directly undermines the stability of oil and energy markets, ultimately hurting consumers globally.

During the meeting, Paknejad highlighted the historical role of OPEC+ member countries in ensuring market stability and supporting global economic growth.

He praised the international organization for fostering solidarity among OPEC+ producers and promoting constructive engagement with energy consumers worldwide.

The minister stressed the importance of continuing this collaborative approach, noting that the OPEC and non-OPEC cooperation framework, built on fundamental principles, has created a model for sustainable and stable relations among member countries. This cooperation, he said, has been instrumental in supporting and maintaining long-term stability in the global oil market.

Paknejad, who will chair the OPEC Conference in 2025, reiterated that depoliticizing the oil market is essential for energy security. He warned that unilateral sanctions and pressure on OPEC destabilize oil and energy markets, harming consumers across the globe.

The minister also pointed to the challenges facing the global oil industry, particularly the need for investment in upstream and downstream sectors to ensure energy security in both supply and demand.

Paknejad attributed concerns among major energy consumers about market stability and supply security to political decisions aimed at pressuring OPEC+ and imposing regulatory restrictions on new investments in the oil industry’s upstream sector.

As one of OPEC’s founding members, Iran remains committed to supporting the organization’s decisions to achieve sustainable market stability, Paknejad said.

In his role as OPEC Conference President in 2025, he pledged to strengthen unity among member countries and enhance cooperation with non-OPEC allies to benefit oil producers’ interests. / Mehr