The Organization of the Petroleum Exporting Countries (OPEC) on Monday called for a “quick” resolution of the conflicts following the U.S. sanctions on Venezuela and Iran — two founding members of the organization.
The affected countries would remain exempted from the implementation of the oil supply adjustment of 1.2 million barrels a day owing to their situation, Mohammad Barkindo, the secretary general of OPEC told reporters in Vienna, according to a Nigerian daily, This Day.
The decision is taken due to the situation confronting Venezuela and Iran and the effects of the sanctions and how it will affect their production, Barkindo said.
He added that Libya will remain exempted together with these two countries.
“For us we will welcome a resolution of the issues that are at stake between these countries and the U.S. sanctions distort markets and further complicate our efforts with non-OPEC members to maintain stability,” Barkindo said.
He stressed those geopolitical tensions are “inimical” to stability across the world and the organization is looking forward to world leaders to continue to do their best to ensure that conflicts on trade and military are avoided.