Iran-Saudi agreement most important geopolitical event in Middle East

SHANA (Tehran) – A senior expert in energy economics described the March 12 agreement between Iran and Saudi Arabia [on the restoration of diplomatic relations] as the most important event in the Middle East in recent years and the most effective development for OPEC and global oil market in 2023.

In an exclusive interview with Shana, Fereydoun Barkeshli said, “As far as OPEC and global oil and gas markets are concerned, power in international markets comes out of wellheads. So, it is not possible to play an effective role in the market without getting barrelsready for export and just relying on potential capacities.”

He, however, added the agreement between Tehran and Riyadh met with an immediate reaction from the global oil market.

The senior expert also called the March 12 agreement a turning point for China’s entry into the Middle East’s geopolitics and sidelining the United States and the European Union.


News ID 470402


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