OPEC-led efforts to stabilise the oil market will be maintained, OPEC’s secretary general said on Tuesday when asked about the consequences if the United States exits a nuclear agreement with OPEC member Iran, Reuters reports.
U.S. President Donald Trump will announce on Tuesday whether he will pull out of the Iran nuclear deal. An exit has raised concern that Iranian oil exports could be cut, putting upward pressure on prices.
“We have confidence in our leaders, within and outside OPEC, who have strongly supported our joint efforts with our non-OPEC partners to assist the oil market to restore stability after the worst oil cycle in history, to continue to provide leadership in these uncertain times,” OPEC’s Mohammad Barkindo said in comments to Reuters.
“The rebalancing of the oil market is a long process that is now in its 4th year. It is still a work in progress and requires sustainability.”