Iran's Oil Minister Warns Against Unilateral Sanctions Amidst US Pressure

Iran's oil minister warned that unilateral sanctions against crude producers could destabilize energy markets. This statement follows Trump's bid to end Tehran's oil exports. Iranian oil exports initially plummeted, but have since rebounded under Biden's administration, mainly heading to China.

Iran's oil minister has issued a warning that imposing unilateral sanctions on major crude producers could destabilize energy markets worldwide. His comments follow U.S. President Donald Trump's threats to drive Iran's oil exports to zero.

Speaking to OPEC Secretary General Haitham Al Ghais, Mohsen Paknejad emphasized the need to depoliticize the oil market for energy security, suggesting that sanctions not only harm oil producers but also consumers globally. The minister's remarks arise amidst Trump's renewed "maximum pressure" strategy on Iran.

During Trump's first term, this pressure led to a significant decrease in Iranian oil exports, dropping to as low as 200,000 barrels per day in 2020. However, under President Joe Biden's administration, these exports have risen to 1.5 million barrels per day, with China being the primary recipient. Paknejad also touched on long-term challenges in the oil market, particularly upstream investments, urging major consumers to reconsider their regulatory pressures on OPEC+.

(With inputs from agencies.)