Tehran, Riyadh expected to seize opportunity to boost ties in oil, gas sectors

SHANA (Tehran) – Former OPEC affairs head of the the Iranian Ministry of Petroleum here on Saturday said Tehran and Riyadh are expected to seize the opportunity created after their rapprochement and develop their relations, particularly in oil and gas sectors.

Talking to Shana, Javad Yarjani described the diplomatic agreement recently reached between Iran and Saudi Arabia as “invaluable” and added, “Saudi Arabia plays a leading role in the Arab world and the agreement could lead to further cooperation between Iran and other neighboring Arab states.”

When the stances of Iran and Saudi Arabia get closer, their cooperation at OPEC will increase, predicted the expert, continuing, “OPEC member states have realized that they have to lose part of their 100 percent interests in some cases if they seek consensus.”

Unity among OPEC member states is key to OPEC success and helps the organization play an effective role in international markets, he mentioned, regretting that sanctions imposed on Iran in recent years have diminished its role in international markets as one of the largest holders and producers of oil in the world, helping other OPEC members and countries outside the organization grab Iran’s export quota.

Given its massive oil and gas reserves, Iran needs to regain its status at OPEC, stressed Yarjani, warning that the country’s current exports cannot meet the country’s economic needs.

Many a countries took advantage of the seven-year severance of relations between Iran and Saudi Arabia, recalled the ex-official, adding the United States took the optimal advantage and sold arms worth billions of dollars to Saudi Arabia.

He pointed to the key role China played in Tehran-Riyadh detente, calling Beijing’s mediation a strong point of the agreement, justifying that China is among strongest economies of the world.

One of the main reasons behind China’s mediation is to guarantee sustainable supply of energy, as its close cooperation with Iran and Saudi Arabia, the two largest holders of oil reserves, will greatly serve China’s interests, Yarjani noted.

News ID 470467


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