Sep 18, 2018

The head of OPEC said Tuesday that Iran remains "a very important member" of the oil cartel, as Tehran braces for a new round of US sanctions partially targeting its crude exports.

"Iran is a very important member of OPEC... and we have no choice but to continue

working with all parties," Mohammad Barkindo said at the Gulf Intelligence Energy Forum in the emirate of Fujairah.

Iran remains "a very important exporter of oil," said the chief of the Organization of the Petroleum Exporting Countries.

He did not specify how crude producers would compensate for declining exports from Iran, with new US sanctions due to hit the Islamic republic's oil industry on November 4.