Unilateral sanctions destabilize oil markets: Iran’s oil minister

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.