TEHRAN – Iran’s Oil Minister Mohsen Paknejad said on Wednesday that imposing unilateral sanctions against major oil producers and exerting pressure on OPEC is a clear attempt to destabilize global oil and energy markets, ultimately harming consumers worldwide.

According to a statement from Iran’s Oil Ministry, Paknejad made the remarks during a meeting in Tehran with OPEC Secretary-General Haitham Al-Ghais and his accompanying delegation. He highlighted the historical role of OPEC+ member states in stabilizing markets and supporting global economic growth.

He emphasized the importance of maintaining this approach, stating that the OPEC and non-OPEC cooperation agreement has been built on fundamental principles, fostering a stable and lasting collaboration that has set an example for sustaining global oil market stability.

Paknejad, who will serve as the president of the OPEC Conference in 2025, stressed that depoliticizing the oil market is essential for energy security, particularly for the oil sector and its key players. He reiterated that unilateral sanctions against major oil producers and pressures on OPEC undermine market stability, ultimately affecting consumers worldwide.

He further noted that the most significant medium- and long-term challenge facing the global oil industry is investment in both upstream and downstream sectors and ensuring energy security in terms of both supply and demand.

"If some major consumers are concerned about market conditions and energy supply security today, it is a direct result of their own political decisions to pressure OPEC+ and impose regulatory restrictions that hinder new upstream investments," he added.

Paknejad reaffirmed Iran’s commitment to OPEC’s decisions aimed at maintaining market stability. As the incoming president of the OPEC Conference in 2025, he stated that Iran would work to strengthen unity among OPEC members and enhance cooperation with non-OPEC allies in the interests of oil producers.

EF/MA

Photo: Iran’s Oil Minister Mohsen Paknejad (R) and OPEC Secretary-General Haitham Al-Ghais meet in Tehran on Wednesday.